Raleigh Department Store uses the conventional retail method for the year ended December 31, 2016. Available information follows: The inventory at January 1, 2016, had a retail value of $48,000 and a cost of $32,600 based on the conventional retail method. Transactions during 2016 were as follows: Cost Retail Gross purchases $ 312,360 $ 520,000 Purchase returns 6,200 13,000 Purchase discounts 5,300 Gross sales 511,500 Sales returns 5,000 Employee discounts 4,500 Freight-in 28,000 Net markups 28,000 Net markdowns 13,000 Sales to employees are recorded net of discounts. The retail value of the December 31, 2017, inventory was $64,050, the cost-to-retail percentage for 2017 under the LIFO retail method was 68%, and the appropriate price index was 105% of the January 1, 2017, price level. The retail value of the December 31, 2018, inventory was $51,300, the cost-to-retail percentage for 2018 under the LIFO retail method was 67%, and the appropriate price index was 108% of the January 1, 20