1 15 points 02:29:44 eBook 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: Beginning inventory Purchases Purchase returns Freight-in Net markups Net markdowns Net sales to customers Sales to employees (set of 20% discount) Normal spoilage Price Index: January 1, 2021 December 31, 2021 December 31, 2022 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 2021 2021 2022 Retail Cost Retail $159,250 $245,000 450,000 631,000 $685,000 $918,000 4,500 3,550 4,500 7,200 1.00 1.25 1.25 5,900 4,600 500,000 24,000 3,500 2022 Cost Required: 1. Estimate the 2021 and 2022 ending inventory and cost of goods sold using the dollar-value LIFO retail method. 4,100 7,000 11,600 7,900 720,000 24,000 6,800