RITVE The following information applies to the questions displayed below! Raleigh Department Store uses the conventional retail method for the year ended December 31, 2019. Avaliable 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 b. Transactions during 2019 were as follows. method. Gross purchases Pur returns Purchase discounts Gross tales Sales return Esployee scouts Freight-in Net arkups Het was Cost Retail 5327, 70 5570,000 5,700 18, 5, 563.000 7. See 2,000 . 3. Sales to employees are recorded net of discounts c. The retail value of the December 31 2020, Inventory was $61,880, the cost-toretail percentage for 2020 under the LIFO reisil method was 70% and the appropriate price index was 1049 of the January 2020. price level d. The retail value of the December 31, 2021. Inventory was $53,500, the cost-to-retot percentage for 2021 under the UFO retail method was 69. and the sporopriate price index was. 107 of the January 2020.once level cost $327,870 6, 700 5,899 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 2, 809 30,500 33,000 18.08 les to employees are recorded net of discounts. The retall value of the December 31, 2020. Inventory v LIFO retail method was 70%, and the appropriate price The retail value of the December 31, 2021, Inventory w LIFO retall method was 69%, and the approprlate price Cost Retail COSE-TO Retail Ratio S 36.930 IS 53,000 570,000 327.870 Beginning inventory Add: Purchases Add: Freight-in Add: Net markups Less: Purchase returns Less: Purchase discounts 30.500 0 0 33.000 18,000 6.700 5.800 0 Less: Net markdowns 674.000 18.000 692,000 Goods available for sale S 407.800 Cost-to-retail percentage 6096 $ Less: Net sales Sales Sales returns Employee discounts Estimated ending inventory at retail Estimated ending inventory at cost 568,000 (7.500) 2.000 0 S 802.000 S 0 Cost Retail Cost-to- Retail Ratia IS IS 53,000 Beginning inventory Add: Purchases Add: Freight-in Less: Purchase returns 38.930 327.870 30,500 570,000 6.700 Less: Purchase discounts 18.000 5,800 33.000 Add: Net markups Less: Net markdowns Goods available for sale (excluding beginning inventory) Goods available for sale (including beginning inventory) 0 18,000 0 % 53.000 IS 36,930 Cost-to-retail percentage 6196 Less: Net sales Sales S 508.000 Sales returns (74500) 2.000 Employee discounts Estimated ending inventory at retail Estimated ending inventory at cost 0 53.000 0 18, eee 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-retall 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: 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 Totat ending inventory at dollar value LIFO retail cost 2021