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 48,86e 68,800 215,000 488,809 Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Normal breakage Net sales Employee discounts 26,194 8,8006,000 6,660 4,309 6,ee9 288,080 2,600 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. 2. Recompute the cost-to-retail percentage using the average cost method Required 1 Required 2 Compute estimated ending inventory and cost of goods sold for March applying the conventional retail method. Cost Retail Ratio Beginning inventory Plus Purchases Freight-in Less. Purchase returns