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 Beginning inventory Purchases Purchase returns Freight-in Net markups Net markdowns Net sales to customerS Sales to employees (net of 20% $159,250 $245,000 450,000 631,000 $685,000 $918,000 4,500 3,550 4,100 4,500 7,000 11,600 7,900 720,000 24,000 6,800 4,600 500,000 24,000 3,500 discount) Normal spoilage Price Index 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. 2017 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold