Sheffield Department Store converted from the conventional retail method to the LIFO retail method on January 1, 2017, and is now considering converting to the dollar-value LIFO inventory method. During your examination of the financial statements for the year ended December 31, 2018, management requested that you furnish a summary showing certain computations of inventory cost for the past 3 years. Here is the available information. 1. The inventory at January 1, 2016, had a retail value of $56,900 and cost of $29,500 based on the conventional retail method Transactions during 2016 were as follows 2. Cost Retail Purchases Purchase returns Purchase discounts Gross sales revenue (after employee discounts) Sales returns Employee discounts Freight-in Net markups Net markdowns $292,472 $563,700 5,100 9,900 6,000 543,400 8,800 3,000 17,300 20,400 11,900