Exercise 9-17 (Algo) Conventional and average cost retail methods; employee discounts [LO9-3, 9-4] Skip to question LeMay Department Store uses the retail inventory method to estimate ending inventory for its monthly financial statements. The following data pertain to one of its largest departments for the month of March 2021: Cost Retail Beginning inventory $ 56,000 $ 76,000 Purchases 223,000 416,000 Freight-in 12,352 Purchase returns 7,500 10,000 Net markups 7,400 Net markdowns 5,100 Normal breakage 10,000 Net sales 296,000 Employee discounts 1,800 Sales are recorded net of employee discounts. Exercise 9-17 (Algo) Part 1 Required: 1. Compute estimated ending inventory and cost of goods sold for March applying the conventional retail method. (Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign.) 2. Recompute the cost-to-retail percentage using the average cost method. (Round your percentage answer to 2 decimal places (i.e., 0.1234 should be entered as 12.34%).)