Business, 06.04.2021 05:00 aron4327

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 $ 53,000 $ 73,000 Purchases 220,000 413,000 Freight-in 14,068 Purchase returns 6,000 8,500 Net markups 7,100 Net markdowns 4,800 Normal breakage 8,500 Net sales 293,000 Employee discounts 1,500 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.

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