! 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: Beginning inventory Purchases Freight-in Purchase returns. Net markups Net markdowns Cost $ 43,000 210,000 17,322 5,500 Retail $ 63,000 403,000 Cost-to-retail percentage 7,500 6,100 3,800 7,500 283,000 2,100 Normal breakage Net sales Employee discounts Sales are recorded net of employee discounts. 2. 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%).

! 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: Beginning inventory Purchases Freight-in Purchase returns. Net markups Net markdowns Cost $ 43,000 210,000 17,322 5,500 Retail $ 63,000 403,000 Cost-to-retail percentage 7,500 6,100 3,800 7,500 283,000 2,100 Normal breakage Net sales Employee discounts Sales are recorded net of employee discounts. 2. 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%).

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Description: please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image) !Required informationLeMay Department Sto

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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