Business, 24.03.2021 21:50 rachel2735

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 2013: Cost Retail
Beginning inventory $48,000 $68,000
Purchases 215,000 408,000
Freight-in 26,194
Purchase returns 8,000 6,000
Net markups 6,600
Net markdowns 4,300
Normal breakage 6,000
Net sales 288,000
Employee discounts 2,600
Required:
Compute estimated ending inventory and cost of goods sold for March applying the conventional retail method (average, LCM). (Negative amounts should be indicated by a minus sign.)

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LeMay Department Store uses the retail inventory method to estimate ending inventory for its monthly...