Answer this Question with Explanation

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, 2019. Available. information follows: a. The inventory at January 1, 2019, had a retail value of $35,000 and a cost of $29,050 based on the conventional retail method b. Transactions during 2019 were as follows: Gross purchases Purchase returns Purchase discounts Gross sales Sales returns Employee discounts Freight-in Net markups Net markdowns Cost Retail $154,950 $390,000 *5,500 30,000 4,000 341,000 5,000 4,000 30,500 15,000 30,000 Sales to employees are recorded net of discounts. We C. The retail value of the December 31, 2020, inventory was $46,800, the cost-to-retail percentage for 2020 under the LIFO retail method was 80%, and the appropriate price index was 104% of the January 1, 2020, price level d. The retail value of the December 31, 2021, inventory was $40,660, the cost-to-retail percentage for 2021 under the LIFO retail method was 79%, and the appropriate price index was 107% 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 1) Goods available for sale (including beginning inventory) Cost-to-retail percentage Less Net sales 21 Sales Sales returns Employee discounts Estimated ending inventory at retail Estimated ending inventory at cost