Raleigh Department Store uses the conventional retail method for the year ended December 31, 2016. Available information follows f $36,000 and a cost of $29,570 based on the conventional retail method a. The inventory at January 1, 2016, had a retail value of b. Transactions during 2016 were as follows: eta 165,860 $408,698 5,60029,80 Gross purchases Purchase returns Purchase discounts Gross sales Sales returns Employee discounts Freight-in Net markups Net markdowns 4,108 323,000 10,600 3,5e0 30,60 16,800 29,000 Sales to employees are recorded net of discounts c. The retail value of the December 31, 2017, inventory was $87.450, the cost-to-retail percentage for 2017 under the LIFO retail method was 67%, and the appropriate price index was 106% of the January 1, 2017, price level d. The retail value of the December 31, 2018, inventory was $45,235, the cost-to-retail percentage for 2018 under the LIFO retail method was 66%, and the appropriate price index was 109% 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. 3. Assume Raleigh Department Store adopts the dollar-value LIFO retail method on January 1, 2017. Estimating ending inventory for 2017 and 2018 Complete this question by entering your answers in the tabs below Required 1 Required 2 Required 3 Estimate ending inventory for 2016 assuming Raleigh Department Store used the LIFo retail method