On January 1, 2016, Pet Friendly Stores adopted the 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 $143,500 $205,000 Beginning inventory Purchases Purchase returns Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 25% discount) Normal spoilage Price Index: 600,000 772,000 $680,000 $856,000 6,775 4,000 4,600 3,300 5,000 4,150 6,450 4,300 550,000 30,000 3,600 10,000 7,100 704,000 30,000 6,000 January 1, 2016 December 31, 2016 December 31, 2017 1.00 1.25 1.25 Required: 1. Estimate the 2016 and 2017 ending inventory and cost of goods sold using the dollar-value LIFO retail method. 2016 2017 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold