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 $ 224,310 6,100 4,600 Retail $450,000 24,000 Gross purchases Purchase returns Purchase discounts Gross sales Sales returns Employee discounts Freight-in Net markups Net markdowns 408,500 5,000 5,500 27,500 21,000 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: 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.) x Answer is not complete. Cost Retail Cost-to- Retail Ratio $ 32,170 $ 41,000 Beginning inventory Add: Purchases 450,000 224,310 27,500 Add: Freight-in Less: Purchase returns 6,100 24,000 Less: Purchase discounts 4,600 Add: Net markups 21,000 Goods available for sale (excluding beginning inventory) Goods available for sale (including beginning inventory) 241,110 273,280 447,000 488,000 $ Cost-to-retail percentage Less: Net sales Sales Sales returns Employee discounts Estima ending inventory at Estimated ending inventory at cost $ 488,000