I have tried every possible combination of things it could be, from my understanding it should be $500,000 x 50% but that is wrong. Even when I go to the book it says that is the formula I should be using, but it is wrong. I do not know what to do if anyone can help at all it would be appreciated!

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: Cost $154,950 5,500 4,000 Retail $390,000 30,000 Gross purchases Purchase returns Purchase discounts Gross sales Sales returns Employee discounts Freight-in Net markups Net markdowns 341,000 5,000 4,000 30,500 15,000 30,000 Sales to employees are recorded net of discounts. 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. Answer is not complete. Cost Retail Cost-to- Retail Ratio $ $ Beginning inventory Add: Purchases Add: Freight-in Less: Purchase returns Less: Purchase discounts Add: Net markups 29,050 154,950 30,500 5,500 4,000 O 35,000 390,000 0 30,000 0 15,000 470,000 30,000 500,000 0 Less: Net markdowns Goods available for sale $ 224,000 Cost-to-retail percentage 50% $ Less: Net sales Sales Sales returns Employee discounts Estimated ending inventory at retail Estimated ending inventory at cost 341,000 (5,000) 4,000 $ 500,000 $ 250,000