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 25% discount) Price Index: Normal spoilage January 1, 2024 December 31, 2024 December 31, 2025 2024 2025 Cost $ 162,500 Retail $ 250,000 Cost Retail 800,000 1,084,000 7,000 12,150 12,500 $680,000 2,000 2,000 $ 1,063,000 4,300 6,900 11,800 4,750 8,000 950,000 722,000 22,500 22,500 4,200 6,900 1.00 1.25 1.25 Required: 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. Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold Conventional Retail Method