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Required information Problem 9-12 (Algo) Retail inventory method; various applications (L09-3, 9-4, 9-5) [The following information applies to the questions displayed below) 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 $47.000 and a cost of $30,860 based on the conventional retail method. b. Transactions during 2019 were as follows: Cost $301,860 6,100 5,200 Retail $510,000 12,000 Gross purchases Purchase returns Purchase discounts Gross sales Sales returns Employee discounts Freight-in Net markups Net markdowns 476,000 8,000 6,000 27,500 27,000 12,000 Sales to employees are recorded net of discounts. c. The retail value of the December 31, 2020. inventory was $92.560, the cost-to-retail percentage for 2020 under the LIFO retail method was 65%, and the appropriate price index was 104% of the January 1, 2020. price level. d. The retail value of the December 31, 2021. Inventory was $50,290, the cost-to-retail percentage for 2021 under the LIFO retail method was 64%, and the appropriate price index was 107% of the January 1, 2020. price level. Required information WASCH IS LICEC VUL TRUE CILICIY LURICE of 3 Cost Retail Cost-to- Retail Ratio $ $ 47,000 510,000 Beginning inventory Add: Purchases Add: Freight-in Less: Purchase returns Less: Purchase discounts Add: Net markups OOOOO 30,860 301 860 27,500 6,100 5,200 12,000 03:50:22 27,000 596,000 12,000 608,000 Less: Net markdowns Goods available for sale $ 371,520 61% $ Less: Net sales Sales Sales returns Employee discounts Estimated ending inventory at retail Estimated ending inventory at cost 476,000 1,900 & 6,000 468,000 $ 1,076,000 $ 348,920 x Required: 2. Estimate ending inventory for 2019 assuming Raleigh Department Store used the LIFO retail method. (Amounts to be deducte should be indicated with a minus sign.) Answer is not complete. Cost Retail Cost-to- Retail Ratio 47.000 510,000 Beginning inventory Add: Purchases Add: Freight-in Less: Purchase returns Less: Purchase discounts Add: Net markups Less: Net markdowns Goods available for sale (excluding beginning inventory) Goods available for sale (including beginning inventory) 30,860ls 301,860 27,500 6.100 5,200 12,000 27,000 12,000 513,000 560.000 318,060 348,920 $ Cost-to-retail percentage 476,000 8,000 Less: Net sales Sales Sales returns Employee discounts Estimated ending inventory at retail Estimated ending inventory at cost 560.000 $ 348,920 Problem 9-12 (Algo) Part 3 Required: 3. Assume Raleigh Department Store adopts the dollar-value LIFO retail 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 dollar value UFO retail cost, 2021