Required information Problem 9-12 (Algo) Retail inventory method; various applications (LO9-3, 9-4, 9-5) [The following information applies to the questions displayed below.] 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 $47,000 and a cost of $30,860 based on the conventional retail method. b. Transactions during 2019 were as follows: Cost $391,860 6,1ee 5,200 Retail $510, eee 12,000 Gross purchases Purchase returns Purchase discounts Gross sales Sales returns Employee discounts Freight-in Net markups Net markdowns 476,000 8.ece 6,000 27,500 27,000 12,60e Sales to employees are recorded net of discounts. saved Help Save & Chec Sales to employees are recorded net of discounts. c. The retail value of the December 31, 2020, Inventory was $92,560, the cost-to-retail percentage for 2020 under the LIFO retail method was 65%, and the appropriate price index was 104% of the January 1, 2020, price level d. The retail value of the December 31, 2021, inventory was $50.290, the cost-to-retail percentage for 2021 under the LIFO retail method was 64%, and the appropriate price index was 107% of the January 1, 2020, price level Problem 9-12 (Algo) Part 3 Required: 3. Assume Raleigh Department Store adopts the dollar-value LIFO retail method on January 1, 2020. Estimating ending inventory for 2020 and 2021 Total ending inventory at dollar value LIFO retail cost, 2020 Total ending inventory at dollar-value LIFO retail cost, 2021