pice let of enung Assuming the LIRO retail method to approximate cost Inventory trans. ted the dollar-value LIFO retail inventory method. 2019 actions at both cost and retail, and cost indexes for 2018 and 2019 are as follows: 2018 lar-value LIFO Cost Retail Retail Cost 40,000 108,000 9-5 $28,000 85,000 2,000 $114,000 Beginning inventory 2,500 Net purchases Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 20% discount) 10,000 2,000 100,000 2,400 8,000 2,200 104,000 4,000 Price Index: January 1, 2018 December 31, 2018 December 31, 2019 1.00 1.06 1.10 Required: Estimate the 2018 and 2019 ending inventory and cost of goods sold using the dollar-value LIFO retail inventory method Raleigh Department Store uses the conventional retail method for the year ended December 31, 2016. Available tory ious information follows: a. The inventory at January 1, 2016, had a retail value of $45,000 and a cost of $27,500 based on the conven- tional retail method. ugh b. Transactions during 2016 were as follows