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--: Cost Retail Inventory, start of period, January 1, 20-- $33,700 $50,900 Net purchases during the period 172,572 271,400 256,800 Net sales for the period Required: 1. Estimate the ending inventory as of March 31 using the retail inventory method. $ 16,292 X 2. Estimate the cost of goods sold for the time period January 1 through March 31 using the retail inventory method. 189,980 X