Do not provide answer in image format ### Required Information#### Exercise 9-17 (Algo) Conventional and Average Cost Retail Methods; Employee Discounts [LO9-3, 9-4]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:| | Cost | Retail ||--------------------------|-------|---------|| Beginning Inventory | $42,000 | $60,000 || Purchases | $153,000 | $240,000 || Freight-In | $3,000 | || Purchase Returns | $15,000 | $20,000 || Net Markups | | $8,000 || Net Markdowns | | $7,000 || Sales | | $279,000 || Employee Discounts | | $2,000 |**Note:** Sales are recorded net of employee discounts.### Exercise 9-17 (Algo) Part 22. **Recompute the cost-to-retail percentage using the average cost method.****Note:** Round your percentage answer to 2 decimal places (i.e., 0.1234 should be entered as 12.34%).- **Cost-to-Retail Percentage**: 56.70%

Name: Do not provide answer in image format ### Required Information#### Exe
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Do not provide answer in image format ### Required Information#### Exercise 9-17 (Algo) Conventional and Average Cost Retail Methods; Employee Discounts [LO9-3, 9-4]LeMay Department Store uses the retail inventory method to estimate ending inventory