Raleigh Department Store uses the conventional retail method for the year ended December 31, 2020. Available information follows: a. The inventory at January 1, 2020, had a retail value of $53,000 and a cost of $36,930 based on the conventional retail method.
b. Transactions during 2020 were as follows:

Cost Retail
Gross purchases $327,870 $570,000
Purchase returns 6,700 18,000
Purchase discounts 5,800
Gross sales 568,000
Sales returns 7,500
Employee discounts 2,000
Freight-in 30,500
Net markups 33,000
Net markdowns 18,000

Sales to employees are recorded net of discounts.

c. The retail value of the December 31, 2021, inventory was $61,880, the cost-to-retail percentage for 2021 under the LIFO retail method was 70%, and the appropriate price index was 104% of the January 1, 2021, price level.
d. d. The retail value of the December 31, 2020, inventory was $53,500, the cost-to-retail percentage for 2020 under the LIFO retail method was 69%, and the appropriate price index was 107% of the January 1, 2020, price level.

Required
1. Estimate ending inventory for 2020 using the conventional retail method.
2. Estimate ending inventory for 2020 assuming Raleigh Department Store used the LIFO retail method.
3. Assume Raleigh Department Store adopts the dollar-value LIFO retail method on January 1, 2020. Estimating ending inventory for 2020 and 2021.