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 Cost Retail $323,000 $425,000 Net purchases 536,000 665,000 Net markups Net markdowns Net sales 23,000 18,000 510,000 Related retail price indexes are as follows: January 1, 2021 1.00 December 31, 2021 1.20 Required: Determine ending inventory and cost of goods sold using the information provided. Ending inventory at retail $ 545,000 Ending inventory at cost $ 352,750 Cost of goods sold $ 505,650