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: Beginning inventory Purchases Cost $ 48,000 215,000 26,194 Retail $ 68,000 Freight-in Purchase returns Net markups Net markdowns Normal breakage Net sales 408,000 8,000 6,000 6,600 4,300 6,000 288,000 2,600 Employee discounts 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. Note: 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 Net markdowns Cost Retail Cost-to-Retail Ratio $ 48,000 $ 215,000 68,000 408,000 26,194 0 (8,000) (6,000) 0 6,600 476,600 Goods available for sale 281,194 476,600 Cost-to-retail percentage (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 $ 476,600