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Freight-in 27,500 Net markups Net markdowns 27,000 12,000 Sales to employees are recorded net of discounts. 3. The retail value of the December 31,

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Freight-in 27,500 Net markups Net markdowns 27,000 12,000 Sales to employees are recorded net of discounts. 3. 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. 4. 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.

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