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 $50,000 and a cost of $36,200 based on the conventional retail method. b. Transactions during 2019 were as follows: Cost Gross purchases $333,900 Retail $540,000 Purchase returns Purchase discounts 6,400 5,500 15,000 Gross sales 500,000 Sales returns 8,000 Employee discounts 5,500 Freight-in 29,000 Net markups 30,000 Net markdowns 15,000 Sales to employees are recorded net of discounts. c. The retail value of the December 31, 2020, inventory was $104,325, the cost-to-retail percentage for 2020 under the LIFO retail method was 70%, and the appropriate price index was 107% of the January 1, 2020, price level. d. The retail value of the December 31, 2021, inventory was $53,350, the cost-to-retail percentage for 2021 under the LIFO retail method was 69%, and the appropriate price index was 110% 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