On January 1, 2021, Pet Friendly Stores adopted the retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2021 and 2022 are as follows:

	2021							2022
	Cost			Retail				Cost			Retail
Beginning inventory	$	96,000		$	160,000
Purchases		520,000			803,000			$	600,000		$	950,000
Purchase returns		2,700			3,000				2,400			5,750
Freight-in		4,000							8,000
Net markups					6,000							8,200
Net markdowns					4,000							6,200
Net sales to customers					670,000							680,000
Sales to employees (net of 25% discount)					12,000							12,000
Normal spoilage					3,000							4,000
Price Index:
January 1, 2021		1.00
December 31, 2021		1.25
December 31, 2022		1.25

3. Estimate the 2021 ending inventory and cost of goods sold using the conventional retail method. (Round your cost-to-retail percentage to 2 decimal places and round your final answers to nearest whole dollar.)

	Conventional Retail Method
Estimated ending inventory at retail
Estimated ending inventory at cost
Estimated cost of goods sold