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 $52,000 and a cost of $39,960 based on the conventional retail method. b. Transactions during 2019 were as follows: Cost Gross purchases Purchase returns $356,160 6,600 Retail $560,000 17,000 Purchase discounts 5,700 Gross sales 551,500. Sales returns 8,000 Employee discounts) 2,500 Freight-in 30,000 Net markups 12,000 Net markdowns 17,000 Sales to employees are recorded net of discounts. c. The retail value of the December 31, 2020, Inventory was $71,070, the cost-to-retail percentage for 2020 under the LIFO retail method was 76%, and the appropriate price index was 103% of the January 1, 2020, price level d. The retail value of the December 31, 2021, inventory was $52.470, the cost-to-retail percentage for 2021 under the LIFO retail method was 75%, and the appropriate price index was 106% of the January 1, 2020, price level.