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:

CostRetailBeginning inventory$55,000$75,000Purchases222,000415,000Freight-in22,680Purchase returns7,0009,500Net markups7,300Net markdowns5,000Normal breakage9,500Net sales295,000Employee discounts1,700

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: Cost Retail Beginning inventory 55, 000 $ 75, 000 Purchases 222, 000 415, 000 Freight-in 22, 680 Purchase returns 7, 000 9, 500 Net markups 7, 300 Net markdowns 5, 000 Normal breakage 9, 500 Net sales 295, 000 Employee discounts 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.)