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Question - Retail inventory method the following information is provided by Raynette pharmacy for the last quarter of its fiscal year ending on March 31 20- inventory start of period, January 1 ,20- cost 32,200 retail 53,100 net purchases during the period cost 166,376 retail 262,100 net sales for the period retail 261,600.
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. January 1 to March 31 using the retail inventory method.
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