Raleigh Department Store uses the conventional retail method for the year ended December 31, 2016. Available information follows: The inventory at January 1, 2016, had a retail value of $42,000 and a cost of $32,690 based on the conventional retail method. Transactions during 2016 were as follows: Cost Retail Gross purchases $ 236,780 $ 460,000 Purchase returns 6,200 23,000 Purchase discounts 4,700 Gross sales 430,000 Sales returns 6,000 Employee discounts 5,000 Freight-in 27,000 Net markups 22,000 Net markdowns 23,000 Sales to employees are recorded net of discounts. The retail value of the December 31, 2017, inventory was $53,045, the cost-to-retail percentage for 2017 under the LIFO retail method was 76%, and the appropriate price index was 103% of the January 1, 2017, price level. The retail value of the December 31, 2018, inventory was $47,170, the cost-to-retail percentage for 2018 under the LIFO retail method was 75%, and the appropriate price index was 106% 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.