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The following information is taken from the books of All in the Family Center for the first quarter of its fiscal year ending on April 30, 2016 Inventory, start of period (January 1, 2016) Net purchases during the period Net sales for the period Cost $37,000 74,000 Retail $66,000 330,000 310,500 Required 1. Estimate the ending inventory as of April 30, 2016, using the retail inventory method 2. Estimate the cost of goods sold for the time period, January 1, through April 30, using the retail inventory method Cost Retail Ratio of cost to retail prices of goods available for sale Percentage 1. Estimated ending inventory at Cost- 2. Estimated cost of goods sold