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Gross Profit Method A fire completely destroyed all the inventory of Glisan Lumber Yard on August 5, 20--, Fortunately, the accounting records were not destroyed in the fire. The following information is provided by Glisan Lumber Yard for the time period January 1 through August 5: Beginning inventory, January 1, 20-- $108,000 Net purchases, January 1 through August 5 413,000 Net sales, January 1 through August 5 744,000 Normal gross profit as a percentage of sales 4094 Required: Estimate the amount of merchandise inventory destroyed in the fire on August 5 using the gross profit method. Retail Inventory Method The following information is provided by Raynette's Pharmacy for the last quarter of its fiscal year ending on March 31, 20--: Retail Cost $29,700 160,080 $52,600 Inventory, start of period, January 1, 20-- Net purchases during the period Net sales for the period 263,700 261,300 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