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 $36,000 and a cost of $29,570 based on the conventional retail method. b. Transactions during 2019 were as follows: Gross purchases Purchase returns Purchase discounts Gross sales Sales returns Employee discounts Freight-in Net markups Net markdowns Cost Retail $165,860 $400,000 5,600 29,000 4,100 323,000 10,000 3,500 30,000 16,000 29,000 Sales to employees are recorded net of discounts. C. The retail value of the December 31, 2020, inventory was $87,450, the cost-to-retail percentage for 2020 under the LIFO retail method was 67%, and the appropriate price index was 106% of the January 1, 2020, price level. d. The retail value of the December 31, 2021, inventory was $41,965, the cost-to-retail percentage for 2021 under the LIFO retail method was 66%, and the appropriate price index was 109% of the January 1, 2020, price level. Required: 1. Estimate ending inventory for 2019 using the conventional 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 Cost-to-retail percentage Less: Net sales Sales Sales returns Employee discounts Estimated ending inventory at retail Estimated ending inventory at cost