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 $29,000 and a cost of $21,000 based on the conventional retail method. b. Transactions during 2019 were as follows: Cost $342,000 4,500 5,000 Retail $582,500 6,000 Gross purchases Purchase returns Purchase discounts Gross sales Sales returns Employee discounts Freight-in Net markups Net markdowns 582,500 5,000 3,000 20,000 17,000 6,000 Sales to employees are recorded net of discounts. c. The retail value of the December 31, 2020, inventory was $40,040, the cost-to-retail percentage for 2020 under the LIFO retail method was 71%, 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 $37,450, the cost-to-retail percentage for 2021 under the LIFO retail method was 70%, and the appropriate price index was 107% of the January 1, 2020, price level. 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