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 $35,000 and a cost of $29.050 based on the conventional retail method. b. Transactions during 2019 were as follows: Gross purchases Purchase returns Purchase discounts Gross sales Sales returns Employee discounts Freight-in Net markups Net markdowns Cost Retail $154,9583990, eee 5,500 30,000 4,080 341,eee 5,000 4, eee 30,500 15,000 30,000 Sales to employees are recorded net of discounts. c. The retail value of the December 31, 2020. Inventory was $46,800, the cost to retail percentage for 2020 under the LIFO retail method was 80%, 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 $40,660, the cost to retail percentage for 2021 under the LIFO retail method was 79%, and the appropriate price Index was 107% of the January 1, 2020. price level Prey 3 of 7 8 Next > ere to search