Raleigh Department Store uses the conventional retail method for the year ended December 31, 2019. Available information follows:

1. 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.
2. Transactions during 2019 were as follows:

	Cost			Retail
Gross purchases	$	570,000		$	953,000
Purchase returns		6,000			4,000
Purchase discounts		5,000
Gross sales					958,000
Sales returns					5,000
Employee discounts					3,000
Freight-in		20,000
Net markups					20,000
Net markdowns					4,000

Sales to employees are recorded net of discounts.

3. 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.
4. 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: 2. Estimate ending inventory for 2019 assuming Raleigh Department Store used the LIFO retail method