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 $54,000 and a cost of $39,500 based on the conventional retail method. b. Transactions during 2019 were as follows: Cost $344,580 6,800 5,900 Retail $580,000 19,000 Gross purchases Purchase returns Purchase discounts Gross sales Sales returns Employee discounts Freight-in Net markups Net markdowns 565,000 6,500 3,000 31,000 34,000 19,000 Sales to employees are recorded net of discounts. c. The retail value of the December 31, 2020, inventory was $78,225, the cost-to-retail percentage for 2020 under the LIFO retail method was 72%, and the appropriate price index was 105% of the January 1, 2020, price level. d. The retail value of the December 31, 2021, inventory was $54,540, the cost-to-retail percentage for 2021 under the LIFO retail method was 71%, and the appropriate price index was 108% of the January 1, 2020, price level. 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 Retail Cost-to-Retail Ratio Beginning inventory Goods available for sale (excluding beginning inventory) Goods available for sale (including beginning inventory) Cost-to-retail percentage Less: Net sales Sales Sales returns Employee discounts Estimated ending inventory at retail Estimated ending inventory at cost 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