Exercise 9-17 (Algo) Conventional and average cost retail methods; employee discounts [LO9-3, 9-4] 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 Coat Retail $ 55,000 $75,000 222,000 415,000 22,680 7,000 9,500 7,300 5,000 9,500 295,000 Net sales Employee discounts 1,700 Sales are recorded net of employee discounts. Exercise 9-17 (Algo) Part 1 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.) Beginning inventory Purchases Freight-in Purchase returns Net markups Cost Retail Cost-to- Retail Ratio $ 55,000 $ 222,000 75,000 415,000 22,680 (7,000) (9,500) 7.300 487,800 (5.000)