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 2021: Cost Retail Beginning inventory $ 57,000 $ 77,000 Purchases 224,000 417,000 Freight-in 16,690 Purchase returns 8,000 10,500 Net markups 7,500 Net markdowns 5,200 Normal breakage 10,500 Net sales 297,000 Employee discounts 1,900 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.