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Compute estimated ending inventory and cost of goods sold

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 2011:
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 (average, LCM).

2. Recompute the cost-to-retail percentage using the average cost method and ignoring LCM considerations.

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Accounting Basics: Compute estimated ending inventory and cost of goods sold

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