On January 1, 2021, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method. Accounting records provided the following information:

	Cost		Retail
Beginning inventory	$	57,000		$	76,000
Net purchases		224,840			310,000
Net markups					8,000
Net markdowns					10,000
Net sales					287,000
Retail price index, end of year					1.02

Estimate ending inventory using the dollar-value LIFO retail method. (Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.))

Cost	Retail	Cost-to-retail Ratio
Beginning inventory	$57,000	$76,000
Plus: Net purchases	224,840	310,000
Net markups		8,000
Less: Net markdowns		(10,000)
Goods available for sale (excluding beginning inventory)	224,840	308,000
Goods available for sale (including beginning inventory)	281,840	384,000
Base layer cost-to-retail percentage			75.00%selected answer correct
2021 layer cost-to-retail percentage			73.00%selected answer correct
Less: Net sales		(287,000)
Estimated ending inventory at current year retail prices		$97,000
Estimated ending inventory at cost	?
Estimated cost of goods sold	?