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 $43,000 and a cost of $33,210 based on the conventional retail method. b. Transactions during 2019 were as follows: Cost $ 249,510 6,300 4.800 Retail $470,000 22,000 Gross purchases Purchase returns Purchase discounts Gross Sales Sales returns Employee discounts Freight-in Net markups Net markdowns 446,500 8.000 4,500 26.500 23,000 22,000 Sales to employees are recorded net of discounts. c. The retail value of the December 31, 2020, inventory was $55,080, the cost-to-retail percentage for 2020 under the LIFO retail method was 76%, and the appropriate price index was 102% of the January 1, 2020. price level. d. The retail value of the December 31, 2021, inventory was $47,250, the cost-to-retail percentage for 2021 under the LIFO retail method was 75%, and the appropriate price index was 105% 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-to-Retail Ratio $ $ Cost 33,210 249,5107 (4,800) (6,300) 26,500 Retail 43,000 470,000 Beginning inventory Add: Purchases Less: Purchase discounts Less: Purchase returns Add: Freight-in Add: Net markups (22,000) 23,000 514,000 (22,000) 92 000 Less: Net markdowns Goods available for sale $ 298,1201 4 Cost-to-retail percentage Less: Net sales Sales Sales returns Employee discounts Estimated ending inventory at retail Estimated ending inventory at cost $ 492,000