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-- $28,700 $51,700 Net purchases during the period 164,304 264,700 Net sales for the period 261,700 Required: 1. Estimate the ending inventory as of March 31 using the retail inventory method and the cost of goods sold for the time period January 1 through March 31 using the retail inventory method
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-- | $28,700 | $51,700 | ||
| Net purchases during the period | 164,304 | 264,700 | ||
| Net sales for the period | 261,700 |
Required:
1. Estimate the ending inventory as of March 31 using the retail inventory method and the cost of goods sold for the time period January 1 through March 31 using the retail inventory method.
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