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Required information

$[$The following information applies to the questions displayed below.$]$

Raleigh Department Store uses the conventional retail method for the year ended December $31,2022.$ Available information follows:

a$.$ The inventory at January $1,2022,$ had a retail value of $$31,000$ and a cost of $$11,000$ based on the conventional retail method.

b$.$ Transactions during $2022$ were as follows:

$\backslash$table$[[,$Cost,Retail$],[$Gross purchases,$$570,000,$$$953,000$