Raleigh Department Store uses the conventional retail method for the year ended December 31, 2019. Available information follows:

1. The inventory at January 1, 2019, had a retail value of $47,000 and a cost of $30,860 based on the conventional retail method.
2. Transactions during 2019 were as follows:

	Cost			Retail
Gross purchases	$	301,860		$	510,000
Purchase returns		6,100			12,000
Purchase discounts		5,200
Gross sales					476,000
Sales returns					8,000
Employee discounts					6,000
Freight-in		27,500
Net markups					27,000
Net markdowns					12,000

Sales to employees are recorded net of discounts.

3. The retail value of December 31, 2020, inventory was $92,560, the cost-to-retail percentage for 2020 under the LIFO retail method was 65%, and the appropriate price index was 104% of January 1, 2020, price level.
4. The retail value of December 31, 2021, inventory was $50,290, the cost-to-retail percentage for 2021 under the LIFO retail method was 64%, and the appropriate price index was 107% of January 1, 2020, price level.

  
 

Required: 1. Estimate ending inventory for 2019 using the conventional retail method. (Amounts to be deducted should be indicated with a minus sign.) Cost-to-Retail Ratio Cost Retail Beginning inventory Goods available for sale Cost-to-retail percentage Less: Net sales Sales Sales returns Employee discounts Estimated ending inventory at retail Estimated ending inventory at cost