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 $52,000 and a cost of $39,960 based on the conventional retail method. b. Transactions during 2019 were as follows: Cost Gross purchases $356,160 Purchase returns Purchase discounts 6,600 5,700 Retail $560,000 17,000 Gross sales 551,500 Sales returns 8,000 Employee discounts 2,500 Freight-in 30,000 Net markups 32,000 Net markdowns 17,000 Sales to employees are recorded net of discounts. c. The retail value of the December 31, 2020, inventory was $71,070, 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 $52,470, 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: 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.) Beginning inventory Cost Retail Cost-to-Retail Ratio Goods available for sale (excluding beginning inventory) Goods available for sale (including beginning inventory) $ 0 0 Cost-to-retail percentage Less: Net sales Sales Sales returns Employee discounts Estimated ending inventory at retail Estimated ending inventory at cost 0