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 2021: $ 10,000 20,000 101,192 136,500 4.100 Inventory, October 1, 2021 At cost At retail Purchases (exclusive of freight and returns): At cost At retail Freight-in Purchase returns: At cost At retail Additional markups Markup cancellations Markdowns (net) Normal spoilage and breakage Sales Sales returns 1,100 1,800 1,500 200 700 3,500 133,450 7,720 Required: 1. Using the conventional retail method, prepare a schedule computing estimated lower of cost or market (LCM) inventory for October 31, 2021. (Round your cost-to-retail percentage to 2 decimal places (i.e., 0.1234 should be entered as 12.34) and round your final answers to the nearest whole dollar.) Cost Retail Cost-to-Retail Ratio $ 10,000 $ 20,000 136,500 Beginning inventory Add: Purchases Add: Freight-in Less: Purchase returns Add: Net markups 4,100 (1,100) (1,800) 1,300 114,192 Goods available for sale (excluding net markdowns) Cost-to-retail percentage Less: Net markdowns Goods available for sale (including net markdowns) (700) Less: Normal spoilage 3,500 Less: Sales $ 133,450 133,450 Estimated ending inventory at retail Estimated ending inventory at cost