Raleigh Department Store uses the conventional retail method for the year ended December 31, 2022. Available information follows:

The inventory at January 1, 2022, had a retail value of $53,000 and a cost of $36,930 based on the conventional retail method.

Transactions during 2022 were as follows:

	Cost	Retail
Gross purchases	$ 327,870	$ 570,000
Purchase returns	6,700	18,000
Purchase discounts	5,800
Sales		568,000
Sales returns		7,500
Employee discounts		2,000
Freight-in	30,500
Net markups		33,000
Net markdowns		18,000

Sales to employees are recorded net of discounts.

1. The retail value of the December 31, 2023, inventory was $61,880, the cost-to-retail percentage for 2023 under the LIFO retail method was 70%, and the appropriate price index was 104% of the January 1, 2023, price level.
2. The retail value of the December 31, 2024, inventory was $53,500, the cost-to-retail percentage for 2024 under the LIFO retail method was 69%, and the appropriate price index was 107% of the January 1, 2023, price level

Required:

1. Estimate ending inventory for 2022 using the conventional retail method.

2. Estimate ending inventory for 2022 assuming Raleigh Department Store used the LIFO retail method.