Grand department store, inc., uses the retail inventory method to estimate ending inventory for its monthly financial statements. the following data pertain to a single department for the month of october 2018: inventory, october 1, 2018: at cost $ 27,000 at retail 37,000 purchases (exclusive of freight and returns): at cost 104,829 at retail 153,500 freight-in 5,800 purchase returns: at cost 2,800 at retail 3,500 additional markups 3,200 markup cancellations 300 markdowns (net) 870 normal spoilage and breakage 5,200 sales 142,730 required: 1. using the conventional retail method, prepare a schedule computing estimated lower of cost or market (lcm) inventory for october 31, 2018. (round your cost-to-retail percentage to 2 decimal places (i. e., 0.1234 should be entered as 12.34) and round your final answers to the nearest whole dollar.)