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, 2019. Available information follows: a. The inventory at January 1, 2019, had a retail value of $29,000 and a cost of $21,000 based on the conventional retail method. b. Transactions during 2019 were as follows: Cost Gross purchases $342,000 Retail $582,500 Purchase returns 4,500 6,000 Purchase discounts 5,000 Gross sales 582,500 Sales returns 5,000 Employee discounts 3,000 Freight-in 20,000 Net markups Net markdowns 17,000 6,000 Sales to employees are recorded net of discounts. c. The retail value of the December 31, 2020, inventory was $40,040, the cost-to-retail percentage for 2020 under the LIFO retail method was 71%, 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 $37,450, the cost-to-retail percentage for 2021 under the LIFO retail method was 70%, and the appropriate price index was 107% of the January 1, 2020, price level.