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 $43,000 and a cost of $33,210 based on the conventional retail method. b. Transactions during 2019 were as follows: Cost Gross purchases $249,510 Retail $470,000 Purchase returns 6,300 22,000 Purchase discounts. 4,800 Gross sales 446,500 Sales returns 8,000 Employee discounts 4,500 Freight-in 26,500 Net markups Net markdowns 23,000 22,000 Sales to employees are recorded net of discounts. c. The retail value of the December 31, 2020, inventory was $55,080, the cost-to-retail percentage for 2020 under the LIFO retail method was 76%, and the appropriate price index was 102% of the January 1, 2020, price level d. The retail value of the December 31, 2021, inventory was $47,250, the cost-to-retail percentage for 2021 under the LIFO retail method was 75%, and the appropriate price index was 105% of the January 1, 2020, price level.