Raleigh Department Store uses the conventional retall method for the year ended December 31, 2019. Available Information follows: a. The inventory at January 1, 2019, had a retall value of $31,000 and a cost of $11,000 based on the conventional retail method b. Transactions during 2019 were as follows: Cost 5570,000 6,000 5,000 Retail $953,000 4,000 Gross purchases Purchase returns Purchase discounts Gross sales Sales returns Employee discounts Freight-in Net sarkups Net sarkdowns 958,000 5,000 3,000 20,000 20,000 4,000 Sales to employees are recorded net of discounts. c The retail value of the December 31, 2020. Inventory was $48,150, the cost-to-retall percentage for 2020 under the LIFO retail method was 42%, and the appropriate price Index was 107% of the January 1, 2020. pnce level d. The retall 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: 1. Estimate ending inventory for 2019 using the conventional retall method. (Amounts to be deducted should be Indicated with a minus sign.) Cost Retail Cost to-Retail Ratio Beginning inventory Goods available for sale $ 0 0 Cost-to-retail percentage Less: Net sales Sales Sales returns Employee discounts Estimated ending inventory at retail Estimated ending inventory at cost