Required information LeMay Department Store uses the retail inventory method to estimate ending inventory for statements. The following data pertain to one of its largest departments for the month of N Sales are recorded net of employee discounts. Required: 1. Compute estimated ending inventory and cost of goods sold for March applying the conventiona Note: Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34% ). En uses the retail inventory method to estimate ending inventory for its monthly financial data pertain to one of its largest departments for the month of March: femployee discounts. iventory and cost of goods sold for March applying the conventional retail method. o 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a \begin{tabular}{|c|c|c|c|c|c|c|} \hline \multirow{2}{*}{ Beginning inventory } & \multicolumn{2}{|c|}{ Cost } & \multicolumn{2}{|r|}{ Retail } & \multicolumn{2}{|l|}{ Cost-to-Retail Ratio } \\ \hline & 5 & 60,000 & $ & 80,000 & & \\ \hline Purchases & & 227,0000 & & 420,000 & & \\ \hline Freight-in & & 15,022 & & & & \\ \hline Purchase returns & & (9,500)0 & & (12,000) & & \\ \hline \multirow[t]{2}{*}{ Net markups } & & & & 7,8000 & & \\ \hline & & & & 495,800 & & \\ \hline Net markdowns & & & & (5,500)0 & & \\ \hline Goods available for sale & & 292,522 & & 490.300 & & \\ \hline Cost-to-retall percentage (conventional retail method) & & & & & 59.66 & 5 \\ \hline Normal breakage & & & & 12,000 & & \\ \hline \multicolumn{7}{|l|}{ Net sales: } \\ \hline Sales & & & & 300,000 & & \\ \hline Employee discounts & & & & (2,200)0 & & \\ \hline Estimated ending inventory at retail & & & $ & 800,100 & & \\ \hline \end{tabular}