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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,

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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 $48,000 and a cost of $32,600 based on the conventional retail method b. Transactions during 2019 were as follows: Gross purchases Purchase returns Purchase discounts Gross sales Sales returns Employee discounts Freight-in Net markups Net markdowns Cost Retail $312,360 $520,000 6,200 13,eee 5,300 511,500 5,000 4,500 28,000 28,000 13,000 Sales to employees are recorded net of discounts c. The retail value of the December 31, 2020, inventory was $64,050, the cost-to-retail percentage for 2020 under the LIFO retail method was 68%, and the appropriate price index was 105% of the January 1, 2020 price level d. The retail value of the December 31, 2021, Inventory was $51,300, the cost-to-retail percentage for 2021 under the LIFO retail method was 67%, and the appropriate price index was 108% 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.) YUCU. Required information Cost Retail Cost-to-Retail Ratio Beginning inventory Goods available for sale $ 0 0 Cost-to-retail percentage Less: Net sales Sales Less: Net sales Sales Sales returns Employee discounts Estimated ending inventory at retail Estimated ending inventory at cost $ 0 2. Estimate ending Inventory for 2019 assuming Raleigh Department Store used the LIFO retall method (Amounts to be deducted should be indicated with a minus sign.) 3 Cost Retail Cost-to-Retail Ratio Beginning inventory Inces Goods available for sale (excluding beginning inventory) Goods wailable for sale (including beginning inventory) $ O Cost-to-retail percentago Activate Windows 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 Required: 3. Assume Raleigh Department Store adopts the dollar-value LIFO retail method on January 1, 2020. Estimating ending Inventory for 2020 and 2021 Total ending inventory at dollar-value LIFO retail cost, 2020 Total ending inventory at dollar value LIFO retail cost, 2021

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