P 9-11 Dollar-value LIFO retail CL09-5 On January 1, 2021, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2021 and 2022 are as follows: 2021 2022 Cost Retail Cost Retail Beginning $ $ inventory 28,000 40,000 $ Net purchases 85,000 108,000 90,000 114,000 Freight-in 2,000 2,500 Net markups 10,000 8,000 Net 2,000 2,200 markdowns Jet sales to 100,000 104,000 ustomers ales to mployees (net 2,400 4,000 f 20% iscount) 'rice Index: January 1, 1.00 2021 December 1.06 31, 2021 December 1.10 31, 2022 Required: Estimate the 2021 and 2022 ending inventory and cost of goods sold using the dollar-value LIFO retail inventory method