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 $35,000 and a cost of $29,050 based on the conventional retail method. b. Transactions during 2019 were as follows: Cost Gross purchases $154,950 Purchase returns Purchase discounts 5,500 4,000 Retail $390,000 30,000 Gross sales 341,000 Sales returns 5,000 Employee discounts 4,000 Freight-in 30,500 Net narkupa 15,000 Net markdowns 30,000 Sales to employees are recorded net of discounts, c. The retail value of the December 31, 2020, inventory was $46,800, the cost-to-retail percentage for 2020 under the LIFO retail method was 80%, and the appropriate price index was 104% of the January 1, 2020, price level. d. The retail value of the December 31, 2021, Inventory was $40,660, the cost-to-retail percentage for 2021 under the LIFO retail method was 79%, and the appropriate price index was 107% of the January 1, 2020, price level.