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: Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Normal breakage Net sales Employee discounts Cost Retail $ 56,000 $ 76,000 223,000 416,000 12,352 7,500 10,000 7,400 5,100 10,000 296,000 1,800 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. (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.) Cost Retail Cost-to-Retail Ratio $ 56,000 $ 76,000 416,000 Beginning inventory Purchases Freight-in Purchase returns 223,000 12,352 (7,500) Net markups (10,000) 7,400 489,400 (5,100) 484,300 Net markdowns Goods available for sale 283,852 Cost-to-retail percentage (conventional retail method) 58.62 % Normal breakage 10,000 Net sales Sales Employee discounts Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold (296,000) (1.800) 196,500 $