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 $41,000 and a cost of $32,170 based on the conventional retail b. Transactions during 2019 were as follows: method. Gross purchases Purchase returns Purchase discounts Cross sales Sales returns Employee discounts Freight-in Net markups Het markdowns Cost Retail 5224,310 $450,000 6,100 24,000 4,600 403,500 5,000 5.500 27,500 21,000 24,000 Sales to employees are recorded net of discounts. c. The retail value of the December 31, 2020, inventory was $59,800, the cost to retail percentage for 2020 under the LIFO retail method was 74%, 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 $47,080, the cost to retail percentage for 2021 under the LIFO retail method was 73%, 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.) Cost Retail Cost-to-Retail Ratio $ Beginning inventory Add: Purchases Less: Purchase returns Less: Purchase discounts Add: Freight-in Add: Net markups 32,1707 s 224,310 (6.100) (4.600) 27,500 41,000 450,000 (24,000) 21,000 488,000 (24,000) 464,000 Less: Net markdowns Goods available for sale $ 273,280 Cost-to-retail percentage 56% $ 408,500 {5,000) Less: Net sales Sales Sales returns Employee discounts Estimated ending inventory at retail Estimated ending inventory at cost $ 464,000 $ 30,800