LeMay Department Store uses the retall 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 2016: Cost Retall Beginning inventory Purchases Freight-in Purchase returns7,000 Net markups Net markdowns Normal breakage Net sales Employee $ 46,000 $ 66,000 213,000 406,000 5 points 15,558 9,000 6,400 4,100 9,000 286,000 Print 2,400 discounts Sales are recorded net of employee discounts. 6 Saved Help 1. Compute estimated ending inventory and cost of goods sold for March applying the conventional retail method. Cost Retail Beginning inventory Plus: Purchases Freight-in Less: Purchase returns Plus: Net markups Less: Net markdowns Goods available for sale Cost-to-retail percentage Less: Normal breakage Sales: Net sales Employee discounts Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 2. Recompute the cost-to-retail percentage using the average cost method. (Round your percentage answer to 2 decimal places (i.e., 01234 should be entered as 12.34%.)) t-to-retail percentage Prev 5 of 19! Next > MacBook Ai