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 $51,000 and a cost of $38,060 based on the conventional retail method. b. Transactions during 2019 were as follows:

Sales to employees are recorded net of discounts.

c. 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.

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.

Gross purchases Purchase returns Purchase discounts Gross sales Sales returns Employee discounts Freight-in Net markups Net markdowns Cost Retail $344,940 $550,000 6,500 16,000 5,600 544,000 5,000 6,000 29,500 31,000 16,000 Required: 1. Estimate ending inventory for 2019 using the conventional retail method. (Amounts to be deducted should be indicated with a minus sign.) Answer is not complete. Cost Retail Cost-to- Retail Ratio 51,000 550,000 Beginning inventory Add: Purchases Less: Purchase returns Less: Purchase discounts Add: Freight-in Add: Net markups 38,060 344,940 (6,500) (5,600) 29,500 (16,000) 31,000 616,000 (16,000) 600,000 Less: Net markdowns Goods available for sale 400,400 Cost-to-retail percentage 65% $ 544,000 (5,000) Less: Net sales Sales Sales returns Employee discounts Estimated ending inventory at retail Estimated ending inventory at cost (6,000) 594,000 $ $ 386,100 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.) Answer is not complete. Cost Retail Cost-to- Retail Ratio $ S 51,000 550,000 x Beginning inventory Add: Purchases Less: Purchase returns Less: Purchase returns Add: Freight-in Add: Net markups Add: Net markdowns Goods available for sale (excluding beginning inventory) Goods available for sale (including beginning inventory) 38,060 344,940 (5,600) (6.500) 29,500 (16,000) 31,000 16,000 632,000 683,000 400,400 $ 438,460 Cost-to-retail percentage 63% $ Less: Net sales Sales Sales returns Employee discounts Estimated ending inventory at retail Estimated ending inventory at cost 544,000 (5,000) (29,500) S 683,000 S 509,500 Required: 3. Assume Raleigh Department Store adopts the dollar-value LIFO retail method on January 1, 2020. Estimating ending Inventory for 2020 and 2021. Total ending inventory at dollar-value LIFO retail cost, 2020 Total ending inventory at dollar-value LIFO retail cost, 2021