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-- $28,300 $50,000 Net purchases during the period 167,252 260,400 264,900 Net sales for the period 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.