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 2018 Cost Retail $ 55,000 $ 75,000 222,000 415,000 Beginning inventory Purchases Freight-in Purchase return:s Net markups Net markdowns Normal breakage Net sales Employee discounts 22,680 7,000 9,500 7,300 5,000 9,500 295,000 1,700 Sales are recorded net of employee discounts. quired: 1Compute estimated ending inventory and cost of goods sold for March applying the conventional retail method ecompute the cost-to-retail percentage using the average cost method Goods available for sale 292,680 482.800 Cost-to-retail percentage (conventional retail method) 60% Less: Normal breakage 9,500 Sales: Net sales 295,000 1,700 Employee discounts Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold Required 2>