Data for Questions 13 through 16 Lightfoot, Inc. is a retailer of medical supplies. The firm prepares annual financial statements and elected to use the dollar-value, LIFO-retail method starting in 2020 (with January 1, 2020 as the base). The records of Lightfoot, Inc. indicate the following for 2020: Cost Retail Inventory, January 1 $ 525,000 $ 840,000 Net purchases 2,650,000 4,156,000 Markdowns, net (56,000) Markups, net 34,000 Sales revenue 3,984,000 Management indicates that the average retail price of products has increased by 12% during 2020. Determine the valuation of the December 31, 2020 using the conventional retail method. T T T Arial 3 (12pt) T.E.E . 25 Path: P Words:0