Required informotion 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. Required: 1. Compute estimated ending inventory and cost of goods sold for March applying the conventional retail method: Note: Round rotio calculation to 2 decimal ploces (i.e. 0.1234 should be entered os 12.34% ). Enter amounts to be deducted w minus sign. \begin{tabular}{|c|c|c|c|c|c|c|} \hline & \multicolumn{2}{|c|}{ Cost } & \multicolumn{2}{|c|}{ Retail } & \multicolumn{2}{|c|}{\begin{tabular}{c} Cost-to-Retail \\ Ratio \end{tabular}} \\ \hline Beginning inventory & $ & 60,000 & $ & 80,000 & & \\ \hline Purchases & & 227,000 & & 420,000 & & \\ \hline Freight-in & & 15,022 & & & & \\ \hline Purchase returns & - & 9.500 & & 12,000 & & \\ \hline Net markups & & & & 7,800 & & \\ \hline & 7 & & & 495,800 & & \\ \hline Net markdowns & 13 & & & 5,500 & & \\ \hline Goods available for sale & 11 & 292,522 & & 490,300 & & \\ \hline Cost-to-retail percentage (convention & 11 & SIII & 8 & & & % \\ \hline Normal breakage & 11 & - & B1 & 12,000 & & \\ \hline Net sales. & 11 & & 31 & & & \\ \hline Sales & 11 & & & 300,000 & & \\ \hline Employee discounts & & & & 2.200 & & \\ \hline Estimated ending inventory at retail & & & s & 804,500 & & \\ \hline Estimated ending inventory at cost & 3 & & & & & \\ \hline Estimated cost of goods sold & 8 & 18 & & & & \\ \hline \end{tabular}