ork Saved Help Save & Che 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 $48,000 and a cost of $32,600 based on the conventionai retail method. b. Transactions during 2019 were as follows: Cost $312, 360 6,200 5,300 Retail $520, eee 13,eee Gross purchases Purchase returns Purchase discounts Gross sales Sales returns Employee discounts Freight-in Net markups Net markdowns 511,5ee 5,000 4,5ee 28, eee 28, eee 13,000 Sales to employees are recorded net of discounts c The retall value of the December 31, 2020, inventory was $64,050, the cost-to-retail percentage for 2020 under the LIFO retail method was 68%, and the appropriate price index was 105% of the January 1, 2020 price level LAUS Syllabus - 2020707 New tab work Help Save & Exh Check my w the LIFO retail method was 68%, and the appropriate price index was 105% of the January 1, 2020 price level d. The retail value of the December 31, 2021, Inventory was $51,300, the cost-to-retail percentage for 2021 under the LIFO retail method was 67%, and the appropriate price index was 108% of the 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 Retail Cost-to-Retail Ratio Beginning inventory 0