The following information is provided by Raynette's Pharmacy for the last quarter of its fiscal year ending on March 31, 20--:

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 inventorymethod.

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Retail Cost Inventory, start of period, January 1, 20- Net purchases during the period sales for the period $ 32,000 176,000 $ 52,000 268,000 260,000