The following information is provided by Raynette's Pharmacy for the last quarter of its fiscal year ending

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The following information is provided by Raynette's Pharmacy for the last quarter of its fiscal year ending on March 31, 20--: Cost Retail Inventory, start of period, January 1, 20-- $29,300 $53,400 Net purchases during the period 164,500 269,600 Net sales for the period 261,800

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 inventory method

Related Book For answer-question

Intermediate Accounting

ISBN: 978-0077400163

6th edition

Authors: J. David Spiceland, James Sepe, Mark Nelson

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Posted Date: Nov 30, 2018 09:32 AM

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The following information is provided by Raynette's Pharmacy for the last quarter of its fiscal year ending

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Expert Answer:

Particular Cost Retail Beginning Inventory 29300 53400 Purchases 16... View the full answer

Intermediate Accounting

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