Raleigh Department Store uses the conventional retail method for the year ended December $31,2022.$ Available information follows:

The inventory at January $1,2022,$ had a retail value of $$39,000$ and a cost of $$31,130$ based on the conventional retail method.

Transactions during $2022$ were as follows:

Cost Retail

Gross purchases $ $200,150$ $ $430,000$

Purchase returns $5,90026,000$

Purchase discounts $4,400$

Sales $397,500$

Sales returns $8,000$

Employee discounts $2,500$

Freight$-$in $28,500$

Net markups $19,000$

Net markdowns $26,000$

Sales to employees are recorded net of discounts.

The retail value of the December $31,2023,$ inventory was $$49,290,$ the cost$-$to$-$retail percentage for $2023$ under the LIFO retail method was $78\%,$ and the appropriate price index was $106\%$ of the January $1,2023,$ price level.

The retail value of the December $31,2024,$ inventory was $$46,870,$ the cost$-$to$-$retail percentage for $2024$ under the LIFO retail method was $77\%,$ and the appropriate price index was $109\%$ of the January $1,2023,$ price level.

Required:

$3.$ Assume Raleigh Required information

$[$The following information applies to the questions displayed below.$]$

Raleigh Department Store uses the conventional retail method for the year ended December $31,2022.$ Available

information follows:

a$.$ The inventory at January $1,2022,$ had a retail value of $$39,000$ and a cost of $$31,130$ based on the conventional retail

method.

b$.$ Transactions during $2022$ were as follows:

Sales to employees are recorded net of discounts.

c$.$ The retail value of the December $31,2023,$ inventory was $$49,290,$ the cost$-$to$-$retail percentage for $2023$ under the

LIFO retail method was $78\%,$ and the appropriate price index was $106\%$ of the January $1,2023,$ price level.

d$.$ The retail value of the December $31,2024,$ inventory was $$46,870,$ the cost$-$to$-$retail percentage for $2024$ under the

LIFO retail method was $77\%,$ and the appropriate price index was $109\%$ of the January $1,2023,$ price level.

Required:

Assume Raleigh Department Store adopts the dollar$-$value LIFO retail method on January $1,2023.$ Estimate ending inventory for

$2023$ and $2024.$

Note: Round your cost$-$to$-$retail percentage calculation to $2$ decimal places $($i$.$e$.,0\mathrm{.}1234$ should be entered as $12\mathrm{.}34)$ and final

answers to the nearest whole dollar.Department Store adopts the dollar$-$value LIFO retail method on January $1,2023.$ Estimate ending inventory for $2023$ and $2024.$

Note: Round your cost$-$to$-$retail percentage calculation to $2$ decimal places $($i$.$e$.,0\mathrm{.}1234$ should be entered as $12\mathrm{.}34)$ and final answers to the nearest whole dollar.