The following Information applies to the questions displayed below Check my work 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 $45,000 and a cost of $27,500 based on the conventional retail method. b. Transaction during 2019 were as follows: Cost $282,000 6,500 5,000 Retail Gross purchases Purchase returns Purchase discounts Sales Sales returns $490,000 10,000 492,000 5,000 3,000 Employee discounts Freight-in Net markupa Net markdowns es 26,500 25,000 10,000 Sales to employees are recorded net of discounts c. The retail value of the December 31, 2020, inventory was $56,100, the cost-to-retail percentage for 2020 under the LIFO retail method was 62% , and the appropriate price index was 1029% of the January 1, 2020, price level. d. The retail value of the December 31, 2021, inventory was $48,300, the cost-to-retail percentage for 2021 under the LIFO retail method was 619% , and the appropriate price lndex was 105 % of the January 1, 2020, price level. Required 2. Estimate ending inventory for 2019 assuming Ralelgh Department Store used the LIFO retall nethod. (Amounts to be dedueted should be Indicated with a minus sign.) a 2 of 3 Retai toReta Ratio 5 Beginning inventory pints eBook Print meferences Goods available for sale (excluding beginning Inventory) Goods available for sale (including beginning inventory) Cost-to-retail percentage Less: Net sales Sales Sales returns Employee discounts Print Required: 3. Assume Raleigh Department Store adopts the dollar-value LIFO retail method on January 1, 2020. Estimate ending inventory for 2020 and 2021 Merences Total ending inventory at dollar-value LIFO retail cost, 2020 Total ending invenlory at dollar-value LIFO retail cost, 2021 Required ock mrk 1. Estimate ending inventory for 2019 using the conventional retail method. (Amounts to be deducted should be indicated with a minus sign.) 3 Cost Cost-io-Ratail Ratio Retall Beginning inventory 27,500 S 282,000 $ 45,000 Add: Purchases 490,000 Add: Freight-in 26,500 6,500 Less: Purchase returns 10,000 Less: Purchase discounts Add: Net markups 5,000 25,000 nt 570,000 ences Less: Net markdowns 10,000 Goods available for sale $ 347,500 580,000 60% Cost-to-retail percentage Less: Net sales 492,000 6,000 3,000 Sales Sales returma 484.000 Employee discounts S 1,064,000 Estimated ending inventory at retal Fetimated ending inventory at cost 638,400