helpPlease thanks st Assignment NE Cengage Off y CengageNOW

help.Please. thanks

st Assignment ×NE: Cengage Off y .. CengageNOW C Not secure v2.cengagenow.com/ilm/takeAssignment takeAssignment ain doinvoker-assignments&takeAssignment; e 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-- Net purchases during the period Net sales for the period Required: 1. Estimate the ending inventory as of March 31 using the retail inventory method. $33,200 $51,800 168,016 262,600 262,600 2. Estimate the cost of goods sold for the time period January 1 through March 31 using the retail inventory method

Solution

1. ending inventory $33,152

2, Cost of goods sold $ 168,064

Calculation of gross profit

gross profit = 1 - (Cost of purchase + inventory ) / (retail price + inventory retail price)

= 1 - ($33,200+168,016)/($51800 + $262,600)

= 36%

			Amount
a	Beginning Inventory		$          33,200
b	Purchase Goods		$        168,016
c	Net sales	$        262,600
d	Gross profit (c*36%)	$          94,536
e	Cost of goods sold (c-d)		$        168,064
f	Closing Inventory (a+b-e)		$          33,152