[The following information applies to the questions displayed below) Raleigh Department Store uses the conventional retall method for the year ended December 31, 2019. Available Information follows: a. The inventory at January 1, 2019, had a retall value of $31,000 and a cost of $11,000 based on the conventional retail b. Transactions during 2019 were as follows: method Gross purchases Purchase returns Purchase discounts Gross sales Sales returns Employer discounts Freight-in Net Markups Net sarkdowns Cost Retail $570,000 5953,000 6,000 4.000 5,000 958,000 5,000 3,000 20,000 20,000 4,000 Sales to employees are recorded net of discounts. c. The retail value of the December 31, 2020, Inventory was $48,150, the cost-to-retall percentage for 2020 under the LIFO retail method was 42%, and the appropriate price index was 107% of the January 1, 2020 price level d The retail value of the December 31, 2021. Inventory was $43.450, the cost-to-retall percentage for 2021 under the LIFO retall method was 41%, and the appropriate price Index wos 110% of the January 1, 2020, pnice level Required: 3. Assume Raleigh Department Store adopts the dollar-value LIFO retall 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 dolar-value LIFO retal cost 2021