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 $52,000 and a cost of $39,960 based on the conventional retail method. b. Transactions during 2019 were as follows: Cost $356,160 6,600 5,700 Retail $560,000 17.000 Gross purchases Purchase returns Purchase discounts Gross sales Sales returns Employee discounts Freight-in Net markups. Net narkdowns 551,500 8,000 2,500 30,000 32,000 17,000 Sales to employees are recorded net of discounts c. The retail value of the December 31, 2020, inventory was $71,070, the cost-to-retail percentage for 2020 under the LIFO retail method was 76%, and the appropriate price index was 103% of the January 1, 2020, price level. d. The retail value of the December 31, 2021, inventory was $52,470, the cost-to-retail percentage for 2021 under the LIFO retail method was 75%, and the appropriate price index was 106% 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 indica minus sign.) Answer is complete but not entirely correct. Cost Retail Cost-to- Retail Ratio $ 39,960$ 52.000 560,000 Beginning inventory Add: Purchases Add: Freight-in Less: Purchase returns Lass: Purchase discounts Add: Net markups 356.160 30,000 6,600 5,700 17,000 32,000 Less: Net markdowns Goods available for sale 661,000 17,000 678,000 $ 438,420 Cost-to-retail percentage 66% $ Less: Net sales Sales Sales returns Employee discounts Estimated ending Inventory at retail Estimated ending inventory at cost 551,500 (8.000) 2,500 (546,000) 132.000 IS $ 43,520