7 On January 1, 2021, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records provided the following information: 1.25 points Beginning inventory Net purchases Net markups Net markdowns Net sales Retail price index, end of year Cost Retail $ 51,600 $ 86,000 207,640 360,000 6,000 8,000 337,000 1.04 eBook Estimate ending inventory using the dollar-value LIFO retail method. (Round ratio calculation to 2 decimal places (.e., 0.1234 should be entered as 12.34%.)) Print Cost Retail Cost-to-retail Ratio References $ 51,600 $ 207,640 86,000 360,000 6,000 Beginning inventory Plus: Net purchases Net markups Less: Net markdowns Goods available for sale (excluding beginning inventory) Goods available for sale (including beginning inventory) 207,640 259,240 (8,000) 358,000 444,000 Base layer cost-to-retail percentage 2021 layer cost-to-retail percentage (337,000) 107.000 $ Less: Net sales Estimated ending inventory at current year retail prices Estimated ending inventory at cost Estimated cost of goods sold