Raleigh Department Store uses the conventional retail method for the year ended December 31, 2016. Available information follows: a. The inventory at January 1, 2016, had a retail value of $53,000 and a cost of $36,930 based on the conventional retail method. b. Transactions during 2016 were as follows: Cost Retail $327,870 $570,000 6,700 18,000 Gross purchases Purchase returns Purchase discounts Gross sales Sales returns Employee discounts Freight-irn Net markups Net markdowns 5,800 568,000 7,500 2,000 30, 500 33,000 18,600 Sales to employees are recorded net of discounts. c. The retail value of the December 31, 2017, inventory was $61,880, the cost-to-retail percentage for 2017 under the LIFO retail method was 70%, and the appropriate price index was 104% of the January 1, 2017, price level d. The retail value of the December 31, 2018, inventory was $53,500, the cost-to-retail percentage for 2018 under the LIFO retail method was 69%, and the appropriate price index was 107% of the January 1, 2017, price level. Required: 1. Estimate ending inventory for 2016 using the conventional retail method 2. Estimate ending inventory for 2016 assuming Raleigh Department Store used the LIFO ret 3. Assume Raleigh Department Store adopts the dollar-value LIFO retail method on January 1, 2017. Estimating ending inventory for ail methood 2017 and 2018. K Prev 5 of 5 Next Cost-to-Retail Ratio Cost Retail Beginning inventory ok nces Cost-to-retail percentage Goods available for sale Estimated ending inventory at retail Estimated ending inventory at cost Required 2 > ate ending inventory for 2016 assuming Raleigh Department Store used the LIFO retail. method Cost-toReta Cost Retail Beginning inventory Goods available for sale (excluding beginning inventory) Goods available for sale (including beginning inventory) Cost-to-retail percentage Estimated ending inventory at retail Estimated ending inventory at cost Complete this question by entering your answers in the tabs below Required 1 Required 2 Required 3 Assume Raleigh Department Store adopts the dollar-value LIFo retail method on January 1, 2 inventory for 2017 and 2018. 01 Total ending inventory at dollar-value LIFO retail cost, 2017 Total ending inventory at dollar-value LIFO retail cost, 2018