We investigate the retrieval efficiency of light slowed and/or stored in a medium with electromagnetically-induced transparency (an EIT medium) by numerical simulations based on first principles. Starting from the master equation formulation, we derive the full dynamics of the system and then show how the approximations are applied to reduce the number of dynamical equations. While operating the system as an optical “retarder,” a “reflector,” and a “beam-splitter,” we find that the total retrieval efficiency in the case of the “beam-splitter” operation is lower than that in either of the other two operations. Nevertheless, we find that (1) when an appropriate value of detuning is applied between the two counter-propagating “read”-fields, the retrieval efficiency in the latter case can be significantly improved, (2) storing the signal in the form of the atomic spin wave is more advantageous than storing it in the form of a stationary light pulse (SLP), and (3) the retrieval efficiency can be augmented by increasing the strengths of the “read”-fields.