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- Net purchases during the period Net sales for the period $32,000 $52,000 176,000 268,000 260,000 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