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 $47,000 and a cost of $30,860 based on the conventional retail method. b. Transactions during 2019 were as follows: Retail Cost Gross purchases Purchase returns Purchase discounts Gross sales Sales returns $301,860 $510,000 6,100 5,200 12,000 476,000 8,000 6,000 Employee discounts Freight -in Net markups 27,500 27,000 12,000 Net markdowns Salesto 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. Required: 1. Estimate ending inventory for 2019 using the conventional retail method. (Amounts to be deducted should be indicated witha minus sign.) Cost-to-Retail Cost Retail Ratio Beginning inventory O Goods available for sale O Cost-to-retail percentage Less: Net sales Sales Sales returns Employee discounts Estimated ending inventory at retail Estimated ending inventory at cost 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-to-Retail Cost Retail Ratio Beginning inventory Goods available for sale (excluding beginning inventory) Goods available for sale (including beginning inventory) 0 Cost-to-retail percentage Less: Net sales Sales Sales returns Employee discounts Estimated ending inventory at retail Estimated ending inventory at cost