Grand Department Store, Incorporated, uses the retail inventory method to estimate ending inventory for its monthly...

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Grand Department Store, Incorporated, uses the retail inventory method to estimate ending inventory for its monthly financial statements. The following data pertain to a single department for the month of October: Beginning inventory: At cost At retail Purchases (exclusive of freight and returns): At cost At retail Freight-in Purchase returns: At cost At retail Additional markups Markup cancellations. Markdowns (net) Normal spoilage and breakage Sales Sales returns Required: $ 25,000 35,000 98,108 151,500 5,600 2,600 3,300 3,000 200 850 5,000 144,500 3,770 1. Using the conventional retail ending inventory method, prepare a schedule computing estimated lower of cost or market (LCM) inventory and cost of goods sold for October. Note: Round your cost-to-retail percentage to 2 decimal places (i.e., 0.1234 should be entered as 12.34) and round your final answers to the nearest whole dollar. Beginning inventory Goods available for sale Cost-to-retail percentage Goods available for sale Less: Net Sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold Cost Retail Cost-to-Retail Ratio 0 Grand Department Store, Incorporated, uses the retail inventory method to estimate ending inventory for its monthly financial statements. The following data pertain to a single department for the month of October: Beginning inventory: At cost At retail Purchases (exclusive of freight and returns): At cost At retail Freight-in Purchase returns: At cost At retail Additional markups Markup cancellations. Markdowns (net) Normal spoilage and breakage Sales Sales returns Required: $ 25,000 35,000 98,108 151,500 5,600 2,600 3,300 3,000 200 850 5,000 144,500 3,770 1. Using the conventional retail ending inventory method, prepare a schedule computing estimated lower of cost or market (LCM) inventory and cost of goods sold for October. Note: Round your cost-to-retail percentage to 2 decimal places (i.e., 0.1234 should be entered as 12.34) and round your final answers to the nearest whole dollar. Beginning inventory Goods available for sale Cost-to-retail percentage Goods available for sale Less: Net Sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold Cost Retail Cost-to-Retail Ratio 0