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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 $ 54,000 $ 74,000 221,000 414,000 18,358 6,500 9,000 7,200 4,900 9,000 294,000 1,600 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.) Retail Cost-to-Retail Ratio $ Cost 54,000 $ 221,000 18,358 (6,500) Beginning inventory Purchases Freight-in Purchase returns Net markups 74.000 414,000 (9.000) 7,200 486,200 (4.900) 481,300 Net markdowns Goods available for sale 286,858 Cost-to-retail percentago (conventional retail method) % Normal breakage Net sales: Sales Employee discounts Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold (294,000) (1.600) 185.700 $ 2. Recompute the cost-to-retail percentage using the average cost method. (Round your percentage answer to 2 decimal places (.e.. 0.1234 should be entered as 12.34%).) Cost-to-retail percentago %