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 $52,600

Net purchases during the period 171,635 263,300

Net sales for the period 260,700

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.