Required: 2. Estimate ending inventory for 2019 assuming Raleigh Department Store used the LIFO retail method (Amounts to be deducted should be indicated with a minus sign.) Cost Retail Cost to Retail Ratio s 47,000 510,000 Beginning inventory Add: Purchases Add Freight in Less: Purchase returns Less: Purchase discounts Add: Net markups Less: Nor markdowns Goods available for sale (excluding beginning inventory Goods available for sale (including beginning inventory) 30,860 5 301,860 27.500 (6.100) (5,200) (12,000) 318,060 348.920 27,000 (12.000) 513,000 560.000 $ Cost-to-retail percentage 62% Less Net sales (12,000) (6,100) (5.200) Less. Purchase returns Less. Purchase discounts Add: Net markups Less: Net markdowns Goods available for sale (excluding beginning inventory) Goods available for sale (including beginning inventory) 318,060 348,920 27,000 (12,000) 513,000 560,000 $ Cost-o-retail percentage 62% S Less: Net sales Sales Sales returns Employee discounts Estimated ending inventory at retail Estimated ending inventory at cost 476,000 (8,000 6.000 462.000 X $ 1.022.000 S 55.040