Required information Exercise 9-17 (Algo) Conventional and average cost retail methods; employee discounts (L09-3, 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: Cost Retail Beginning inventory $ 45,000 $ 65,808 212,000 405, eee Freight-in 11,468 Purchase returns 8,5ee Net markups 6,3ee Net markdowns Normal breakage 8,5ee Net sales 285,000 Employee discounts Purchases 6,500 4,000 2, 30e Sales are recorded net of employee discounts CYMU. 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 $ 65,000 405,000 Beginning inventory Purchases Freight-in Purchase returns Net markups 45,000 $ 212,000 11,468 (6,500) (8,500) 6,300 467,800 (4,000) 463,800 Net markdowns Goods available for sale 261,968 cas Cost-to-retail percentage (conventional retail method) 96 Normal breakage Net sales: Normal breakage Net sales: Sales Employee discounts Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold (285,000) (2,300) 176,500 S Exercise 9-17 (Algo) Part 2 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%).) Cost-to-retail porcentago