Question: Required information LeMay Department Store uses the retail inventory method to estimate ending inventory for its monthly financial statements. The following data pertain to

Required information LeMay Department Store uses the retail inventory method to estimate

Required information 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: Retail Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Normal breakage Net sales Cost $ 48,000 $ 68,000 215,000 26,194 8,000 408,000 6,000 6,600 4,300 6,000 288,000 2,600 Employee discounts Sales are recorded net of employee discounts. 2. Recompute the cost-to-retail percentage using the average cost method. Note: Round your percentage answer to 2 decimal places (i.e., 0.1234 should be entered as 12.34%). Cost-to-retail percentage %

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