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 $42,000 and a cost of $32,690 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 5236, 780 $460,000 6,200 23,000 4,700 430,000 6,000 5,000 27,000 22,000 23,000 Sales to employees are recorded net of discounts c. The retail value of the December 31, 2020, Inventory was $53,045, the cost-to-retail percentage for 2020 under the LIFO retail method was 76%, and the appropriate price index was 103% of the January 1, 2020. price level. d. The retail value of the December 31, 2021 , Inventory was $47170, the cost-to-retail percentage for 2021 under the LIFO retail method was 75%, and the appropriate price index was 106% 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