Question: Please help Problem 9-8 (Algo) Retail inventory method; conventional (LO9-4) Grand Department Store, Inc., uses the retail Inventory method to estimate ending inventory for its

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Please help Problem 9-8 (Algo) Retail inventory method; conventional (LO9-4) Grand Department
Store, Inc., uses the retail Inventory method to estimate ending inventory for

Problem 9-8 (Algo) 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 2021: 132:50 $ 10,000 20,000 101,192 136,500 4,100 mrences Inventory, October 1, 20211 At cost At retail purchases (exclusive of freight and returne) At cont At retail Freight-in Purchase returns At cost At retail Additional markups Markup cancellations Markdown (net) Normalmpollage and breakage Sales Gates return 1.100 1.000 1,500 200 700 133,450 7.720 Required: 1. Using the conventional retail method, prepare a schedule computing estimated lower of cost or market (LCM) inventory for October 31, 2021 (Round your cost-to-retoll percentage to 2 decimal places (ie, 0.1234 should be entered as 12.34) and round your final answers to the nearest whole dollar.) Cost Retail Cost-to-Retail Ratio Beginning inventory Required: 1. Using the conventional retail method, prepare a schedule computing estimated lower of cost or market (LCM) Inventory for October 312021. (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 Cost-to-Retail Ratio Beginning inventory 32:36 ances Goods available for sale (excluding net markdowns) Cost-to-retail percentage Goods available for sale (including net markdowns) Estimated ending inventory at rotat Estimated ending inventory at cost

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