Grand Department Store, Inc., uses the retail inventory method to estimate ending inventory for its monthly financial statements. The following data pertain to a single department for the month of October 2018 nventory, October 1, 2018: At cost At retail $ 17,000 27,000 Purchases (exclusive of freight and returns): 95,566 143,500 4,800 At cost At retail Freight-in Purchase returns: 1,800 2,500 2,200 250 770 4,200 132,730 At cost At retail Additional markups Markup cancellations Markdowns (net) Normal spoilage and breakage Sales Required: 1. Using the conventional retail method, prepare a schedule computing estimated lower of cost or market (LCM) inventory for October 31, 2018, (Round your cost-to-retail percentage to 2 decimal places (i.e., 01234 should be entered as 12.34) and round your final answers to the nearest whole dollar.) Cost Retail Beginning inventory Add: Purchases Less: Purchase returns Add: Freight-in Add: Net markups 17,000 $ 95,566 (1,800) 4,800 27,000 143,500 (2,500) 0 1,950 169,950 Cost-to-retail percentage 68.00% Less: Net markdowns (770) Goods available for sale 115,566 (4,200) (132,730) Less: Normal spoilage Less: Net sales Estimated ending inventory at retail Estimated ending inventory at cost