Raleigh Department Store uses the conventional retail method for the year ended December 31, 2022. Available information follows: a. The inventory at January 1,2022 , had a retail value of $29,000 and a cost of $21,000 based on the conventional retail method. b. Transactions during 2022 were as follows: Sales to employees are recorded net of discounts. c. The retall value of the December 31,2023 , Inventory was $40,040, the cost-to-retall percentage for 2023 under the LIFO retail method was 71%, and the appropriate price index was 104% of the January 1,2023 , price level. d. The retall value of the December 31,2024 , inventory was $37,450, the cost-to-retail percentage for 2024 under the LIFO retail method was 70%, and the appropriate price index was 107% of the January 1,2023 , price level. \begin{tabular}{|c|c|c|c|c|} \hline \multirow[b]{2}{*}{ Beginning inventory } & \multicolumn{2}{|c|}{ vuat } & reta" & \multirow[t]{2}{*}{ Ratio } \\ \hline & $ & 21,000 & 29,000 & \\ \hline Add: Purchases & & 342,000 & 582,500 & \\ \hline Add: Freight-in & & 20,000 & 0 & \\ \hline Less: Purchase returns & & (4,500) & (6,000) & \\ \hline Less: Purchase discounts & & (5,000) & +0 & \\ \hline Add: Net markups & & & 17,000 & \\ \hline Less: Net markdowns & & & (6,000) & \\ \hline & & & & \\ \hline & & 1 & & \\ \hline Goods available for sale & $ & 352,500 & 587,500 & \\ \hline Cost-to-retail percentage & & & & 60.00% \\ \hline \multicolumn{5}{|l|}{ Less: Net sales } \\ \hline Sales & $ & 373,500 & & \\ \hline \multicolumn{5}{|l|}{ Sales returns } \\ \hline \multicolumn{5}{|l|}{ Employee discounts } \\ \hline \multicolumn{5}{|l|}{ Estimated ending inventory at retail } \\ \hline Estimated ending inventory at cost & & & & 4 \\ \hline \end{tabular}