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 Inventory, start of period, January 1, 20-- Retail $32,900 $51,400 Net purchases during the period 169,596 265,000 Net sales for the period 259,000 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.