Raleigh Department Store uses the conventional retail method for the year ended December 31, 2019. Available information follows: a. The inventory at January 1, 2019, had a retail value of $51,000 and a cost of $38,060 based on the conventional retail method. b. Transactions during 2019 were as follows: Cost Gross purchases $344,940 Retail $550,000 Purchase returns Purchase discounts 6,500 5,600 16,000 Gross sales 544,000 Sales returns 5,000 Employee discounts 6,000 Freight-in 29,500 Net markups 31,000 Net markdowns 16,000 Sales to employees are recorded net of discounts. c. The retail value of the December 31, 2020, inventory was $60,180, the cost-to-retail percentage for 2020 under the LIFO retail method was 75%, and the appropriate price index was 102% of the January 1, 2020, price level. d. The retail value of the December 31, 2021, inventory was $51,450, the cost-to-retail percentage for 2021 under the LIFO retail method was 74%, and the appropriate price index was 105% of the January 1, 2020, price level.