Required informationSkip to questionLeMay 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: CostRetailBeginning inventory$ $50,000$$ $70,000$Purchases$217,000410,000$Freight$-$in$10,986$ Purchase returns$4,5007,000$Net markups $6,800$Net markdowns $4,500$Normal breakage $7,000$Net sales $290,000$Employee discounts $2,800$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.Note: Round ratio calculation to $2$ decimal places $($i$.$e$.,0\mathrm{.}1234$ should be entered as $12\mathrm{.}34\%.).$ Enter amounts to be deducted with a minus sign. PrevQuestion $4$ linked to $5$ of $7$ Total$45$ of $7$Visit question mapNext