Required information Exercise 9-17 (Algo) Conventional and average cost retail methods; employee discounts (LO9-3, 9-4) 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 $ 57,000 $ 77,000 224,000 417,000 16,690 8,000 10,500 7,500 5,200 10,500 297,000 1,900 Sales are recorded net of employee discounts. Exercise 9-17 (Algo) Part 1 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.) Cost Retail Cost-to-Retail Ratio S Beginning inventory Purchases 57,000 $ 224,000 16,690 77.000 417,000 Freight-in Purchase returns Net markups (8,000) (10,500) 7,500 491.000 (5,200) 485,800 Net markdowns Goods available for sale 289,690 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 (297,000) (1,900) 186,900 S