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: Cont $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 markdowns 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 indicated with a minus sign.) Answer is complete but not entirely correct. Cost Retall Cost to Retall Ratio Beginning inventory Add: Purchases Add: Freight-in Less: Purchase returns Less: Purchase discounts Add: Net markups 39,960s 52,000 356,160 560,000 30,000 6,800 17,000 5,700 0 32,000 661,000 17,000 $ 438,420 678,000 Less: Net markdowns Goods available for sale 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 $ $ 87,120