On January 1, 2021, Pet Friendly Stores adopted the retail inventory method. Inventory transactions at both...

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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 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: January 1, 2021 December 31, 2021 December 31, 2022 2022 Cost Retail Cost Retail $165,000 $220,000 690,000 888,000 $680,000 $1,069,000 4,500 5,150 4,800 2,000 5,600 4,075 6,600 10,600 4,450 640,000 7,400 710,000 21,000 21,000 3,800 2,000 1.00 1.25 1.25 Required: 1. Estimate the 2021 and 2022 ending inventory and cost of goods sold using the dollar-value LIFO retail method. Answer is complete but not entirely correct. 2021 $434,950 2022 $ 764,825 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold $ 220.000 $ 220,000 S 165,000 $ 165,000 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 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: January 1, 2021 December 31, 2021 December 31, 2022 2022 Cost Retail Cost Retail $165,000 $220,000 690,000 888,000 $680,000 $1,069,000 4,500 5,150 4,800 2,000 5,600 4,075 6,600 10,600 4,450 640,000 7,400 710,000 21,000 21,000 3,800 2,000 1.00 1.25 1.25 Required: 1. Estimate the 2021 and 2022 ending inventory and cost of goods sold using the dollar-value LIFO retail method. Answer is complete but not entirely correct. 2021 $434,950 2022 $ 764,825 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold $ 220.000 $ 220,000 S 165,000 $ 165,000