The following information is provided by Beverly's

Basket Corner for the last quarter of its fiscal year ending on March 31, 20--:

REQUIRED
1. Estimate the ending inventory as of March 31 using the retail inventory method.
2. Estimate the cost of goods sold for the time period January 1 through March 31 using the retail inventorymethod.

Transcribed Image Text:

Retail Cost Inventory, start of period, January 1, 20- Net purchases during the period $ 80,000 352,000 220,000 Net sales for the period 310,000