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, 2022. Available information follows: a. The inventory at January 1, 2022, had a retail value of $45,000 and a cost of $27,500 based on the conventional retail method. b. Transactions during 2022 were as follows: Gross purchases Purchase returns Purchase discounts Sales Sales returns Employee discounts Freight-in Net markups Net markdowns Cost $ 282,000 Retail $ 490,000 6,500 10,000 5,000 492,000 5,000 3,000 26,500 25,000 10,000 Sales to employees are recorded net of discounts. c. The retail value of the December 31, 2023, inventory was $56,100, the cost-to-retail percentage for 2023 under the LIFO retail method was 62%, and the appropriate price index was 102% of the January 1, 2023, price level. d. The retail value of the December 31, 2024, inventory was $48,300, the cost-to-retail percentage for 2024 under the LIFO retail method was 61%, and the appropriate price index was 105% of the January 1, 2023, price level. Required: 1. Estimate ending inventory for 2022 using the conventional retail method. Note: Amounts to be deducted should be indicated with a minus sign. Round your cost-to-retail percentage calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34) and final answers to the nearest whole dollar. Answer is complete but not entirely correct. Beginning inventory Add: Purchases Add: Freight-in Less: Purchase returns Less: Purchase discounts Add: Net markups Less: Net markdowns Goods available for sale Cost-to-retail percentage Less: Net sales Sales Sales returns Employee discounts Estimated ending inventory at retail Estimated ending inventory at cost Cost Retail Cost-to- Retail Ratio $ 27,500 $ 45,000 282,000 490,000 26,500 0 (6,500) (10,000) ( 5,000 0 0 25,000 0 0 550,000 $ 324,500 10,000 540,000 59.00% $ 492,000 5,000 3,000 6,000 $ 50,000 $ 29,500