aleigh Department Store uses the conventional retail method for the year ended December 31, 2019. Available information follows: The inventory at January 1, 2019, had a retail value of $49,000 and a cost of $34,380 based on the conventional retail method. Transactions during 2019 were as follows: Cost Retail Gross purchases $ 323,040 $ 530,000 Purchase returns 6,300 14,000 Purchase discounts 5,400 Gross sales 509,500 Sales returns 10,000 Employee discounts 5,000 Freight-in 28,500 Net markups 29,000 Net markdowns 14,000 Sales to employees are recorded net of discounts. The retail value of the December 31, 2020, inventory was $85,330, the cost-to-retail percentage for 2020 under the LIFO retail method was 69%, and the appropriate price index was 106% of the January 1, 2020, price level. The retail value of the December 31, 2021, inventory was $52,320, the cost-to-retail percentage for 2021 under the LIFO retail method was 68%, and the appropriate price index was 109% of the January 1, 2020, price level.

Required: 2. Estimate ending inventory for 2019 assuming Raleigh Department Store used the LIFO retail method. (Amounts to be deducted should be indicated with a minus sign.) Cost Retail Cost-to-Retail Ratio Beginning inventory Goods available for sale (excluding beginning inventory) Goods available for sale (including beginning inventory) $ 0 0 Cost-to-retail percentage Less: Net sales Sales Sales returns Employee discounts Estimated ending inventory at retail Estimated ending inventory at cost $ 0