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: Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Normal breakage Net sales Employee discounts Cost $ 47,000 Retail $ 67,000 214,000 19,680 407,000 7,500 9,500 6,500 4,200 9,500 287,000 2,500 Sales are recorded net of employee discounts. Required: 1. Compute estimated ending inventory and cost of goods sold for March applying the conventional retail method. Note: 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. Beginning inventory Purchases Freight-in Purchase returns Net markups $ Cost Retail Cost-to-Retail Ratio 47,000 $ 67,000 S Required information HOLE. ROUNG Tate Calculation & uecimal places .., . SV Vere a 16.20.1. CHILE CU O DE UU minus sign. Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Goods available for sale Cost-to-retail percentage (conventional retail method) Normal breakage Net sales: Sales Employee discounts Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold Cost Retail Cost-to-Retail Ratio $ 47,000 $ 67,000 67,000 47,000 67,000 % $ 67,000 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: Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Cost Retail $ 67,000 $ 47,000 214,000 19,680 407,000 7,500 9,500 6,500 4,200 9,500 287,000 2,500 ces Sales are recorded net of employee discounts. Normal breakage Net sales 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