I just need help with part (b). I would ask for part (c) too, but I don't know what the question is until I complete part (b). Thanks!

Whispering Department Store converted from the conventional retail method to the LIFO retail method on January 1, 2020, and is now considering converting to the dollar-value LIFO inventory method. During your examination of the financial statements for the year ended December 31, 2021, management requested that you furnish a summary showing certain computations of inventory cost for the past 3 years. Here is the available information. 1. The inventory at January 1, 2019, had a retail value of $55,600 and cost of $30,400 based on the conventional retail method. Transactions during 2019 were as follows. 2. Cost Retail Purchases $337,840 5,300 6,100 $558,800 10,100 Purchase returns Purchase discounts Gross sales revenue (after employee discounts) Sales returns Employee discounts Freight-in Net markups Net markdowns 560,300 9,200 3,100 17,500 19,600 12,000 3. The retail value of the December 31, 2020, inventory was $76,100, the cost ratio for 2020 under the LIFO retail method was 65%, and the regional price index was 105% of the January 1, 2020, price level. The retail value of the December 31, 2021, inventory was $62,900, the cost ratio for 2021 under the LIFO retail method was 64%, and the regional price index was 108% of the January 1, 2020, price level. 4. (a) Your answer is correct. Compute the cost of inventory on hand at December 31, 2019, based on the conventional retail method. (Round ratios for computational purposes to O decimal places, e.g. 78% and final answer to O decimal places, e.g. 28,987) Cost of inventory on hand $ 34,620 e Textbook and Media Attempts: 1 of 3 used (b) X Your answer is incorrect. Compute the inventory to be reported on December 31, 2019, in accordance with procedures necessary to convert from the conventional retail method to the LIFO retail method beginning January 1, 2020. Assume that the retail value of the December 31, 2019, inventory was $60,300. (Round ratios for computational purposes to 2 decimal places, e.g. 78.72% and final answer to O decimal places, e.g. 28,987.) The inventory to be reported on December 31, 2011 $ 31,698 e Textbook and Media Save for Later Attempts: 1 of 3 used Submit Answer (c) The parts of this question must be completed in order. This part will be available when you complete the part above