Required information

Problem $9-12($Algo$)$ Retail inventory method; various applications $[$LO$9-3,9-4,9-5]$

$[$The following information applies to the questions displayed below.$]$

Raleigh Department Store uses the conventional retail method for the year ended December $31,2022.$ Available information follows:

a$.$ The inventory at January $1,2022,$ had a retail value of $\backslash (\backslash$$ $40,000\backslash )$ and a cost of $\backslash (\backslash$$ $31,650\backslash )$ based on the conventional retail method.

b$.$ Transactions during $2022$ were as follows:

Sales to employees are recorded net of discounts.

c$.$ The retail value of the December $31,2023,$ inventory was $\backslash (\backslash$$ $101,325\backslash ),$ the cost$-$to$-$retail percentage for $2023$ under the LIFO retail method was $\backslash (67\backslash \%\backslash ),$ and the appropriate price index was $\backslash (105\backslash \%\backslash )$ of the January $1,2023,$ price level.

d$.$ The retail value of the December $31,2024,$ inventory was $\backslash (\backslash$$ $46,980\backslash ),$ the cost$-$to$-$retail percentage for $2024$ under the LIFO retail method was $\backslash (66\backslash \%\backslash ),$ and the appropriate price index was $\backslash (108\backslash \%\backslash )$ of the January $1,2023,$ price level.

Problem $9-12($Algo$)$ Part $3$

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$.,0\mathrm{.}1234$ should be entered as $12\mathrm{.}34)$ and final answers to the nearest whole dollar.

Total ending inventory at dollar$-$value LIFO retail cost, $2023$

Total ending inventory at dollar$-$value LIFO retail cost, $2024$