On January 1, 2024, Pet Friendly Stores adopted the retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2024 and 2025 are as follows: Beginning inventory Purchases Purchase returns Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 20% discount) Normal spoilage Price Index: January 1, 2024 December 31, 2024 Required: December 31, 2025 2024 2025 Cost Retail Cost Retail $ 172,500 $ 230,000 460,000 580,000 $ 670,000 3,600 6,000 3,150 3,800 7,000 $ 937,000 5,400 5,750 4,600 11,000 7,600 450,000 24,000 3,300 1.00 1.25 1.25 682,000 24,000 6,000 3. Estimate the 2024 ending inventory and cost of goods sold using the conventional retail method. Note: 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 $ 324,700 Estimated ending inventory at cost $ 253,695 Estimated cost of goods sold $ 381,205