I need help working out problems like this. Please go into detail explaining each step.Retail Inventory MethodThe 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-- $32,000 $52,000 Net purchases during the period $176,000 268,000 Net sales for the period $260,000 Required: 1.Estimate the ending inventory as of March 31 using the retail inventory method.$ 2.Estimate the cost of goods sold for the time period January 1 through March 31 using the retail inventory method.$

I need help working out problems like this. Please go into detail explaining each step. Retail Inventory Method The following information is provided by Raynette's Pharmacy for the last quarter of its...

I need help working out problems like this. Please go into detail explaining each step.

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

Jun 10, 2022