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:

Inventory, October 1, 2018:
At cost	$	17,000
At retail		27,000
Purchases (exclusive of freight and returns):
At cost		95,566
At retail		143,500
Freight-in		4,800
Purchase returns:
At cost		1,800
At retail		2,500
Additional markups		2,200
Markup cancellations		250
Markdowns (net)		770
Normal spoilage and breakage		4,200
Sales		132,730

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.)

PLEASE DO THIS QUICKLY AND CORRECTLY

Cost Retail Beginning inventory Cost-to-retail percentage Goods available for sale Estimated ending inventory at retail Estimated ending inventory at cost