2 eBook Print References Required information [The following information applies to the questions displayed below.] Raleigh Department Store uses the conventional retail method for the year ended December 31, 2022. Available information follows: a. The inventory at January 1, 2022, had a retail value of $52,000 and a cost of $39,960 based on the conventional retail method. b. Transactions during 2022 were as follows: Cost Gross purchases Purchase returns Purchase discounts Sales Sales returns Employee discounts Freight-in Net markups Net markdowns $ 356,160 Retail $ 560,000 6,600 17,000 5,700 551,500 8,000 2,500 30,000 32,000 17,000 Sales to employees are recorded net of discounts. c. The retail value of the December 31, 2023, Inventory was $71,070, the cost-to-retail percentage for 2023 under the LIFO retail method was 76%, and the appropriate price index was 103% of the January 1, 2023, price level. d. The retail value of the December 31, 2024, inventory was $52,470, the cost-to-retail percentage for 2024 under the LIFO retail method was 75%, and the appropriate price index was 106% of the January 1, 2023, price level. Required: 1. Estimate ending inventory for 2022 using the conventional retail method. Note: Amounts to be deducted should be indicated with a minus sign. Round your cost-to-retail percentage calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34) and final answers to the nearest whole dollar. Beginning inventory Cost Retail Cost-to-Retail Ratio