Raleigh department store uses the conventional retail method for the year ended

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 $40,000 and a cost of $31.650 based on the conventional retail method. b. Transactions during 2019 were as follows: Cost $212,100 6,800 4,500 Retail $440,000 25,000 Gross purchases Purchase returns Purchase discounts Gross sales Sales returns Employee discounts Freight-in Net arkups Het markdowns 361,500 10,000 6,000 28,000 20.000 25,000 Sales to employees are recorded net of discounts. c. The retail value of the December 31, 2020, Inventory was $101.325. the cost-to-retail percentage for 2020 under the LIFO retail method was 6796, and the appropriate price index was 105% of the January 1, 2020. price level. d. The retail value of the December 31, 2021. Inventory was $46.980, the cost-to-retail percentage for 2021 under the UFO retail method was 66%, and the appropriate price index was 108% of the January 1, 2020. price level. $ 40,000 440,000 ht Beginning inventory Add: Purchases Add: Freight-in Add: Net markups Less: Purchase discounts Less: Purchase returns 31,650 212,100 28,000 0 (4,500) (6,000) 20,000 (25,000) Less: Net markdowns Goods available for sale 475,000 (25,000) 450,000 S 261250 BV Cost-to-retail percentage Less: Net sales Sales Sales returns Employee discounts Estimated ending inventory at retail Estimated ending inventory at cost 361,500 (10,000) 6,000 S450 000 247,500 $ $