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1. Can you show me the steps with all the answers please!!! Raleigh...

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Accounting

1. Can you show me the steps with all the answers please!!!

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Raleigh Department Store converted from the conventional retail method to the LIFO retail method on January 1,2014, and is now considering converting to the dollar-value LIFO retail inventory method. Management requested, during your examination of the financial statements for the year ended December 31,2016. that you furnish a summary showing certain computations of inventory costs for the past three years. Available information follows: inventory at January 1, 2014, had a retail value of $39,000 and a cost of $31,130 based on the conventional retail method. Transactions during 2014 were as follows: Sales to employees are recorded net of discounts. The retail value of the December 31, 2015, inventory was $49,290, the cost-to-retail percentage for under the LIFO retail method was 78%, and the appropriate price index was 106% of the January 1, 2015, price level. The retail value of the December 31, 2016. inventory was $46,870, the cost-to-retail percentage for under the LIFO retail method was 77%, and the appropriate price index was 109% of the January 1, 2015, price level. Calculate the cost of inventory for December 31, 2015 and 2016, based on the dollar-value LIFO retail method

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