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--	$	27,800	$	53,300
Net purchases during the period		191,759		274,400
Net sales for the period				261,400

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. $