On January 1, 2016, ABC Company adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2016 and 2017 are as follows:

	2016		2017
	Cost	Retail	Cost	Retail
Beginning inventory	$28,000	$ 40,000
Net purchases	85,000	108,000	$90,000	$114,000
Freight-in	2,000		2,500
Net markups		10,000		8,000
Net markdowns		2,000		2,200
Net sales to customers		100,000		104,000
Price Index:
January 1, 2016				1.00
December 31, 2016				1.06
December 31, 2017				1.10

Required:

Estimate the 2016 and 2017 ending inventory and cost of goods sold using the dollar-value LIFO retail inventory method.

Please show all work.