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--		$33,000		$51,400
Net purchases during the period		193,450		272,100
Net sales for the period				261,200

Required:

1. Estimate the ending inventory as of March 31 using the retail inventory method. $fill in the blank 1

2. Estimate the cost of goods sold for the time period January 1 through March 31 using the retail inventory method. $fill in the blank 2