Raleigh Department Store uses the conventional retail method for the year ended December 31, 2019. Available information follows:

The inventory at January 1, 2019, had a retail value of $51,000 and a cost of $38,060 based on the conventional retail method.

Transactions during 2019 were as follows: Cost Retail Gross purchases $ 344,940 $ 550,000 Purchase returns 6,500 16,000 Purchase discounts 5,600 Gross sales 544,000 Sales returns 5,000 Employee discounts 6,000 Freight-in 29,500 Net markups 31,000 Net markdowns 16,000

Sales to employees are recorded net of discounts.

The retail value of the December 31, 2020, inventory was $60,180, the cost-to-retail percentage for 2020 under the LIFO retail method was 75%, and the appropriate price index was 102% of the January 1, 2020, price level.

The retail value of the December 31, 2021, inventory was $51,450, the cost-to-retail percentage for 2021 under the LIFO retail method was 74%, and the appropriate price index was 105% of the January 1, 2020, price level.

LIIULUI LUUvus I/, U ll UPUIUUIIULEILUCA WUS IU2/0 UILE JUIUUII, 2020, Lelevel. d. The retail value of the December 31, 2021, Inventory was $51,450, the cost-to-retail percentage for 2021 under the LIFO retail method was 74%, and the appropriate price Index was 105% of the January 1, 2020. price level. Required: 2. Estimate ending Inventory for 2019 assuming Raleigh Department Store used the LIFO retail method. (Amounts to be deducted should be indicated with a minus sign.) Cost-to-Retail $ $ Beginning inventory Add: Purchases Add: Freight-in Cost 38,060 344.940 29,500 6,500 5,6001 Retail 51,000 550,000 Less: Purchase returns 16,000 Less: Purchase discounts Add: Net markups Less: Net markdowns Goods available for sale (excluding beginning inventory) Goods available for sale (including beginning inventory) 31,000 16.000 38,060 51,000 Cost-to-retail percentage Less: Net sales Sales Sales returns Employee discounts Estimated ending inventory at retail Estimated ending inventory at cost $ 51,000