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[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:

The inventory at January 1, 2019, had a retail value of $29,000 and a cost of $21,000 based on the conventional retail method.

Transactions during 2019 were as follows:

	Cost			Retail
Gross purchases	$	342,000		$	582,500
Purchase returns		4,500			6,000
Purchase discounts		5,000
Gross sales					582,500
Sales returns					5,000
Employee discounts					3,000
Freight-in		20,000
Net markups					17,000
Net markdowns					6,000

Sales to employees are recorded net of discounts.

The retail value of the December 31, 2020, inventory was $40,040, the cost-to-retail percentage for 2020 under the LIFO retail method was 71%, and the appropriate price index was 104% of the January 1, 2020, price level.

The retail value of the December 31, 2021, inventory was $37,450, the cost-to-retail percentage for 2021 under the LIFO retail method was 70%, and the appropriate price index was 107% of the January 1, 2020, price level.

Required: 3. Assume Raleigh Department Store adopts the dollar-value LIFO retail method on January 1, 2020. Estimating ending inventory for 2020 and 2021.