Raleigh Department Store converted from the conventional retail method to the LIFO retail method on January 1, 2014, and is now considering converting to the dollar-value LIFO retail inventory method. Management requested, during your examination of the financial statements for the year ended December 31, 2016, that you furnish a summary showing certain computations of inventory costs for the past three years. Available information follows:

3 value: 1.00 points Raleigh Department Store converted from the conventional retail method to the LIFO retail method on January 1, 2014, and is now considering converting to the dollar-value LIFO retail inventory methoo Management requested, during your examination of the financial statements for the year ended December 31, 2016, that you furnish a summary showing certain computations of inventory costs for the past three years. Available information follows a. The inventory at January 1, 2014, had a retail value of $41,000 and a cost of $32,170 based on the conventional retail method b. Transactions during 2014 were as follows CostRetail $224,310 $450,000 6,100 24,000 Gross purchases Purchase returns Purchase discounts Gross sales Sales returns Employee discounts Freight-in Net markups Net markdowns 4,600 408,500 5,000 5,500 27,500 21,000 24,000 Sales to employees are recorded net of discounts c. The retail value of the December 31, 2015, inventory was $59,800, the cost-to-retail percentage for 2015 under the LIFO retail method was 74%, and the appropriate price index was 104% of the January 1 2015, price level d. The retail value of the December 31, 2016, inventory was $47,080, the cost-to-retail percentage for 2016 under the LIFO retail method was 73%, and the appropriate price index was 107% of the January 1, 2015, price level