Required information 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: Sales are recorded net of employee discounts. 2. Recompute the cost-to-retall percentage using the average cost method. Note: Round your percentage answer to 2 decimal places (i.e., 0.1234 should be entered as 12.34% ). Lance-Hefner Specialty Shoppes decided to use the dollar-value LIFO retall method to value its inventory. Accounting records provide the following information: Related retail price indexes are as follows: Required: Determine ending inventory and cost of goods sold using the information provided. On November 21, 2024, a fire at Hodge Company's warehouse caused severe damage to its entire inventory of Product Tex. Hodge estimates that all usable damaged goods can be sold for $17,000. The following information was available from the records of Hodge's periodic inventory system: Based on recent history. Hodge's gross profit ratio on Product Tex is 40% of net sales. Required: Calculate the estimated loss on the inventory from the fire, using the gross profit method