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 $31,000 and a cost of $11,000 based on the conventional retail method. b. Transactions during 2019 were as follows: Cost $570,880 6,080 5, eee Retail $953,000 4, eee Gross purchases Purchase returns Purchase discounts Gross sales Sales returns Employee discounts Freight-in Net markups Net markdowns 958, eee 5, eee 3, eee 20,880 20, eee 4, eee Sales to employees are recorded net of discounts. c. The retail value of the December 31, 2020, Inventory was $48,150, the cost-to-retail percentage for 2020 under the LIFO retail method was 42%, and the appropriate price Index was 107% of the January 1, 2020, price level. d. The retail value of the December 31, 2021, Inventory was $43,450, the cost-to-retail percentage for 2021 under the LIFO retail method was 41%, and the appropriate price Index was 110% 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 $ 11,000 $ 31,000 953,000 Beginning inventory Add: Purchases Add: Freight-in Less: Purchase returns 570,000 20,000 (6.000) (5,000) (4,000) Less: Purchase discounts Add: Net markups 20.000 1.000.000 Goods available for sale $ 590,000 1,000,000 Cost-to-retail percentage 59% Less: Net sales Sales Sales returns Employee discounts Estimated ending inventory at retail Estimated ending inventory at cost $ 1,000,000 $ 23.600 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.) Cost Retail Cost-to-Retail Ratio $ 11,000 31,000 953,000 Beginning inventory Add: Purchases Add: Freight-in Less: Purchase returns 570,000 20,000 (6.000) (5.000) (4.000) Less: Purchase discounts Add: Net markups 20.000 Goods available for sale (excluding beginning inventory) Goods available for sale (including beginning inventory) s 11,000 31.000 Cost-to-retail percentage Less: Net sales Sales Sales returns Employee discounts Estimated ending inventory at retail Estimated ending inventory at cost s 31.000 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