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: 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 Retail Cost-to- Retail Ratio $ 41,000 Beginning inventory Add: Freight-in Add: Net markups 32,170$ 27,500 Add: Purchases 21,000 450,000 24,000 224,310 6,100 4,600 Less: Purchase returns Less: Purchase discounts Less: Net markdowns Goods available for sale 536,000 24,000 560,000 $ 294,680 Cost-to-retail percentage 56% Less: Net sales Sales $ 408,500 Sales returns (5,000) 5,500 Employee discounts $ 560,000 Estimated ending inventory at retail Estimated ending inventory at cost $ 84,560 X