Raleigh department store uses the conventional retail method for thw year ended december 31, 2019

Return a. The inventory at January 1, 2019, had a retail value of $42,000 and a cost of $32,690 based on the conventional retail method. b. Transactions during 2019 were as follows: Gross purchases Purchase returns Purchase discounts Gross sales Sales returns Employee discounts Freight-in Net markups Net markdowns Cost Retail $236,780 $460,000 6,200 23,000 4,700 430,000 6,000 5,000 27,000 22,000 23,000 Retu Sales to employees are recorded net of discounts. C. The retail value of the December 31, 2020, inventory was $53,045, 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 $47,170, 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. Wired: timate ending inventory for 2019 using the conventional retail method. (Amounts to be deducted should be in a minus sign.) Ancwer is not comnlete 1. Estimate ending inventory for 2019 using the conventional retail method. (Amounts to be deducted should be Indicat minus slgn.) Answer is not complete. Cost Retail Retail Ratio $ 42,000 480.000 Beginning inventory Add: Purchases Add: Freight-in Less: Purchase returns Less: Purchase discounts Add: Net markups 32,600 236,780 27,000 (8,200) (4.700) (23.000) 22.000 501,000 (23,000) 478,000 Less: Net markdowns Goods available for sale $ 285,570 Cost-to-retail percentage 00% Less: Net sales Sales 430.000 (0.000) 5.000 Sales returns Employee discounts Estimated ending inventory at retail Estimated ending inventory at cost $ 478.000