9-12 (Algo) Retail inventory method; various applications [LO9-3, 9-4, 9-5] Skip to question [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: The inventory at January 1, 2022, had a retail value of $50,000 and a cost of $36,200 based on the conventional retail method. Transactions during 2022 were as follows: Cost Retail Gross purchases $ 333,900 $ 540,000 Purchase returns 6,400 15,000 Purchase discounts 5,500 Sales 500,000 Sales returns 8,000 Employee discounts 5,500 Freight-in 29,000 Net markups 30,000 Net markdowns 15,000 Sales to employees are recorded net of discounts. The retail value of the December 31, 2023, inventory was $104,325, the cost-to-retail percentage for 2023 under the LIFO retail method was 70%, and the appropriate price index was 107% of the January 1, 2023, price level. The retail value of the December 31, 2024, inventory was $53,350, the cost-to-retail percentage for 2024 under the LIFO retail method was 69%, and the appropriate price index was 110% of the January 1, 2023, price level. Problem 9-12 (Algo) Part 2 Required: 2. Estimate ending inventory for 2022 assuming Raleigh Department Store used