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 $53,000 and a cost of $36,930 based on the conventional retail method. b. Transactions during 2019 were as follows: Cost $327,870 6,700 5,800 Retail $570,000 18,000 Gross purchases Purchase returns Purchase discounts Gross sales Sales returns Employee discounts Freight-in Net markups Net markdowns 568,000 7,500 2,000 30,500 33,000 18,000 Sales to employees are recorded net of discounts. c. The retail value of the December 31, 2020, inventory was $61,880, the cost-to-retail percentage for 2020 under the LIFO retail method was 70%, 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 $53,500, the cost-to-retail percentage for 2021 under the LIFO retail method was 69%, 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.) Retail Cost-to-Retail Ratio $ $ 53,000 570,000 Beginning inventory Add: Purchases Add: Freight-in Less: Purchase returns Add: Purchase discounts Add: Net markups Cost 36,930 327,870 30,500 6,700 5,800 00 18,000 33,000 674,000 18,000 692,000 Less: Net markdowns Goods available for sale $ 407,800 Cost-to-retail percentage 59% $ Less: Net sales Sales Sales returns Employee discounts Estimated ending inventory at retail Estimated ending inventory at cost (560,500) (7,500) op (2,000) 690,000 $ $ 553,000