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	$	279,000		$	450,000
Net purchases		389,400			585,000
Net markups					15,000
Net markdowns					10,000
Net sales					440,000

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.