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 $ 45,000 $ 65,000 212,000 405,000 11,468 6,500 8,500 6,300 4,000 8,500 285,000 2,300 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.) Answer is complete but not entirely correct. Cost Retail Cost-to- Retail Ratio $ 65,000 405,000 Beginning inventory Purchases Freight-in Purchase returns Net markups 45,000 212,000 11,468 (6,500) (8,500) 6,300 467,800 (4,000) 463,800 Net markdowns Goods available for sale 261,968 Cost-to-retail percentage (conventional retail method) 56.00% 98,840 X Normal breakage Net sales: Sales Employee discounts Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold (285,000) (2,300) 275,340 S 163, 128 X 56 X