On January 1, 2016 HGC Camera Store 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 85,000 106,000 90,000 114,000

Freight In 2,000 2,500

Net Mark Ups 10,000 8,000

Net Markdowns 2,000 2,200

Net Sales to Customers 100,000 104,000

Sales to Employees (net of 20% discount) 2,400 4,000

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