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Raleigh Department Store uses the conventional retail method for the year ended December 31, 2016....

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Accounting

Raleigh Department Store uses the conventional retail method for the year ended December 31, 2016. Available information follows:

a) The retail value of the December 31, 2017, inventory was $68,850, the cost-to-retail percentage for 2017 under the LIFO retail method was 70%, and the appropriate price index was 102% of the January 1, 2017, price level.

b) The retail value of the December 31, 2018, inventory was $40,950, the cost-to-retail percentage for 2018 under the LIFO retail method was 69%, and the appropriate price index was 105% of the January 1, 2017, price level.

Cost Retail
Gross purchases $ 177,030 $ 410,000
Purchase returns 5,700 28,000
Purchase discounts 4,200
Gross sales 345,000
Sales returns 5,500
Employee discounts 3,000
Freight-in 29,500
Net markups 17,000
Net markdowns 28,000

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