Determine ending inventory and cost of goods sold using the information provided.

Lance-Hefner Specialty Shoppes decided to use the dollar-value LIFO retail method to value its inventory. Accounting records provide the following information:

	Cost			Retail
Merchandise inventory, January 1, 2021	$	252,000		$	400,000
Net purchases		408,700			605,000
Net markups					17,000
Net markdowns					12,000
Net sales					470,000

Related retail price indexes are as follows:

January 1, 2021	1.00
December 31, 2021	1.20

Lance-Hefner Specialty Shoppes decided to use the dollar-value LIFO retail method to value its inventory. Accounting records provide the following information: Merchandise inventory, January 1, 2021 Net purchases Net markups Net markdowns Net sales Cost Retail $ 252,000 $400,000 408,700 605,000 17,000 12,000 470,000 Related retail price indexes are as follows: January 1, 2021 December 31, 2021 1.00 1.20 Required: Determine ending inventory and cost of goods sold using the information provided. Ending inventory at retail Ending inventory at cost Cost of goods sold