3 Problem 9-8 Retail inventory method; conventional [LO9-4] Grand Department Store, Inc., 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 2018 5 points Inventory, october 1, 2018: At cost At retail s 27,000 37,000 Purchases (exclusive of freight and returns): At cost At retail 104,829 153,500 5,800 eBook Freight-in Purchase returns: 2,800 3,500 3,200 300 870 5,200 142,730 At cost References At retail Additional markups Markup cancellations Markdowns (net) Normal spoilage and breakage Sales Required 1. Using the conventional retail method, prepare a schedule computing estimated lower of cost or market (LCM) inventory for October 31, 2018. (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.) Cost Retail Beginning inventory Cost-to-retail percentage Goods available for sale Estimated ending inventory at retail Estimated ending inventory at cost