Raleigh Department Store uses the conventional retail method for the year ended December 31, 2016. Available information follows a. The inventory at January 1, 2016, had a retail value of $54,000 and a cost of $39,500 based on the conventional retail method. b. Transactions during 2016 were as follows: Retail $344,580 $580,ee0 6,800 19,00e Purchase discounts Gross sales Sales returns Employee discounts Freight-in s,ge0 565,000 6,500 3,000 31,000 34,000 19,000 Sales to e c. The retail value of the December 31, 2017, inventory was $78,225, the cost-to-retail percentage for 2017 under the LIFO retail method was 72%, and the appropriate price index was 105% of the January 1, 2017, price level. d. The retail value of the December 31, 2018, inventory was $54,540, the cost-to-retail percentage for 2018 under the LIFO retail method was 71%, and the appropriate price index was 108% of the January 1, 2017. price level. Required 1. Estimate ending inventory for 2016 using the conventional retail method 2. Estimate ending inventory for 2016 assuming Raleigh Department Store used the LIFO retail method