Required information [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 $53,000 and a cost of $36,930 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 $327,870 $570,000 6,700 18,000 5,800 568,000 7,500 2,000 30,500 33,000 18,000 Sales to employees are recorded net of discounts. c. The retail value of the December 31, 2020, inventory was $61,880, the cost-to-retail percentage for 2020 under the LIFO retail method was 70%, 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 $53,500, the cost-to-retail percentage for 2021 under the LIFO retail method was 69%, and the appropriate price index was 107% of the January 1, 2020, price level. Required: 1. Estimate ending inventory for 2019 using the conventional retail method. (Amounts to be deducted should be indicated with a minus sign.) Answer is complete but not entirely correct. Cost Retail Cost-to- Retail Ratio $ 53,000 570,000 Beginning inventory Add: Purchases Add: Freight-in Less: Purchase returns Less: Purchase discounts Add: Net markups OOOOO 36,930$ 327,870 30,500 6,700 18,000 5,800 33,000 674,000 18,000 Less: Net markdowns Goods available for sale $ 407,800 692,000 Cost-to-retail percentage 60% Less: Net sales Sales $ Sales returns 568,000 (7,500) 2,000 2.000 x Employee discounts Estimated ending inventory at retail Estimated ending inventory at cost $ 694,000 $ 416,400 X 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.) > Answer is complete but not entirely correct. Cost Retail Cost-to- Retail Ratio $ $ 36,930 327,870 53,000 570,000 Beginning inventory Add: Purchases Add: Freight-in 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) 18,000 30,500 6,700 5,800 OOOOOO 33,000 327,870 364,800 18,000 570,000 X 623,000 $ Cost-to-retail percentage 60% X Less: Net sales Sales $ 568,000 Sales returns (7,500) 2,000 Employee discounts Estimated ending inventory at retail Estimated ending inventory at cost 2,000 X 625,000 $ $ 635,000 X 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