ork Sad Help Save & E Che Requeur LIUI [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 $48,000 and a cost of $32,600 based on the conventional retail method b. Transactions during 2019 were as follows: Cost $312, 360 6,200 5,300 Retail $52e, eee 13,000 Gross purchases Purchase returns Purchase discounts Gross sales Sales returns Employee discounts Freight-in Net markups Nat markdowns 511, 5ee 5,000 4,5ee 28,eee 28 yeee 13eee Sales to employees are recorded net of discounts.