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 2021: Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Normal breakage Net sales Employee discounts Cost Retail $ 59,000 $ 79,000 226,800 419,000 15,578 9,800 11,500 7,700 5,400 11,500 299,000 2,100 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. Cost Retail Cost-to-Retail Ratio Beginning inventory Plus Purchases Freight-in Los Purchase returns Required information Beginning inventory Plus. Purchases Freight-in Less: Purchase returns Plus: Net markups Less Net markdowns Goods available for sale Cost-to-retail percentage (conventional retail method) Less: Normal breakage Less: Net sales Sales Employee discounts Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold