[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 $35,000 and a cost of $29,050 based on the conventional retail method. b. Transactions during 2022 were as follows: Cost Retail $ 390,000 Gross purchases Purchase returns Purchase discounts Sales Sales returns Employee discounts Freight-in Net markups Net markdowns $ 154,950 5,500 4,000 30,000 341,000 5,000 4,000 30,500 15,000 30,000 Sales to employees are recorded net of discounts. c. The retail value of the December 31, 2023, inventory was $46,800, the cost-to-retail percentage for 2023 under the LIFO retail method was 80%, and the appropriate price index was 104% of the January 1, 2023, price level. d. The retail value of the December 31, 2024, inventory was $40,660, the cost-to-retail percentage for 2024 under the LIFO retail method was 79%, and the appropriate price index was 107% of the January 1, 2023, price level. Required: 3. Assume Raleigh Department Store adopts the dollar-value LIFO retail method on January 1, 2023. Estimate ending inventory for 2023 and 2024. Note: 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 not complete. Total ending inventory at dollar-value LIFO retail cost, 2023 Total ending inventory at dollar-value LIFO retail cost, 2024 $ 30,020

[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 $35,000 and a cost of $29,050 based on the conventional retail method. b. Transactions during 2022 were as follows: Cost Retail $ 390,000 Gross purchases Purchase returns Purchase discounts Sales Sales returns Employee discounts Freight-in Net markups Net markdowns $ 154,950 5,500 4,000 30,000 341,000 5,000 4,000 30,500 15,000 30,000 Sales to employees are recorded net of discounts. c. The retail value of the December 31, 2023, inventory was $46,800, the cost-to-retail percentage for 2023 under the LIFO retail method was 80%, and the appropriate price index was 104% of the January 1, 2023, price level. d. The retail value of the December 31, 2024, inventory was $40,660, the cost-to-retail percentage for 2024 under the LIFO retail method was 79%, and the appropriate price index was 107% of the January 1, 2023, price level. Required: 3. Assume Raleigh Department Store adopts the dollar-value LIFO retail method on January 1, 2023. Estimate ending inventory for 2023 and 2024. Note: 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 not complete. Total ending inventory at dollar-value LIFO retail cost, 2023 Total ending inventory at dollar-value LIFO retail cost, 2024 $ 30,020