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 method. b. Transactions during 2019 were as follows: Cost Gross purchases Purchase returns $224,310 Retail $450,000 6,100 24,000 Purchase discounts 4,600 Gross sales 408,500 Sales returns 5,000 Employee discounts 5,500 Freight-in 27,500 Net markups 21,000 Net markdowns 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.) Answer is not complete. Cost-to- Cost Retail Retail Ratio Beginning inventory Add: Purchases Less: Purchase returns $ 32,170 $ 41,000 224,310 450,000 (6,100) (24,000) Less: Purchase discounts (4,600) Add: Freight-in Add: Net markups 27,500 21,000 488,000 Less: Net markdowns (24,000) Goods available for sale $ 273,280 464,000 Cost-to-retail percentage Less: Net sales Sales Sales returns $ (408,500) (5,000) Employee discounts Estimated ending inventory at retail Estimated ending inventory at cost $ 30,800 (5,500) $ 458,500 56% 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 not complete. Cost-to- Cost Retail Retail Ratio Beginning inventory Add: Purchases Less: Purchase returns Less: Purchase discounts Add: Freight-in Add: Net markups Less: Net markdowns $ 32,170 $ 41,000 224,310 450,000 (24,000) (4,600) 27,500 21,000 (24,000) Goods available for sale (excluding beginning inventory) 241,110 423,000 Goods available for sale (including beginning inventory) $ 273,280 464,000 Cost-to-retail percentage Less: Net sales Sales Sales returns Employee discounts Estimated ending inventory at retail $ (408,500) (5,000) Estimated ending inventory at cost $ 40,150 (5,500) $ 458,500 57%