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 $50,000 and a cost of $36,200 based on the conventional retail method b. Transactions during 2019 were as follows: Cost $333,900 6,400 5,500 Retail $540,000 15,000 Gross purchases Purchase returns Purchase discounts Gross sales Sales returns Employee discounts Freight-in Net markups Net markdowns 500,000 8,000 5,500 29,000 38,888 15, eee Sales to employees are recorded net of discounts. c. The retail value of the December 31, 2020, inventory was $104,325, the cost-to-retail percentage for 2020 under the LIFO retail method was 70%, and the appropriate price index was 107% of the January 1, 2020 price level, d. The retail value of the December 31, 2021, Inventory was $53,350, the cost-to-retall percentage for 2021 under the LIFO retail method was 69%, and the appropriate price index was 110% 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 $ 50,000 Beginning inventory Add: Purchases Less: Purchase discounts Loss: Purchase roturns Add: Freight-in Add: Net markups 36,200 $ 333,900 (5,500) (6,400) 29,000 30,000 80,000 (15,000) 65,000 Lass: Not markdowns Goods available for sale $ 387,200 69% Cost-to-retail percentage Less: Not sales