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 2016:

	Cost			Retail
Beginning inventory	$	60,000		$	80,000
Purchases		227,000			420,000
Freight-in		15,022
Purchase returns		9,500			12,000
Net markups					7,800
Net markdowns					5,500
Normal breakage					12,000
Net sales					300,000
Employee discounts					2,200

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.

2.

Recompute the cost-to-retail percentage using the average cost method. (Round your percentage answer to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.))