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 Employeel discounts Cost Retail $ 55,000 $75,000 222,000 415,000 22,680 7,000 9,500 7,300 5,000 9,500 295,000 1,700 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. (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.) Beginning inventory Cost-to-Retail Cost Retail Ratio $ 55,000 $ 75,000 Cost Retail Beginning inventory Purchases $ 55,000 $ 75,000 222,000 415,000 Freight-in Purchase returns Net markups 22,680 (7,000) (9,500) 7,300 487,800 Net markdowns (5,000) 292,680 482,800 Goods available for sale 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 $ (295,000) (1,700) 186,100 Cost-to-Retail Ratio %