Raleigh Department Store converted from the conventional retail method to the LIFO retail method on January $1,2014,$ and is now considering converting to the dollar$-$value LIFO retail inventory method. Management requested, during your examination of the financial statements for the year ended December $31,2016,$ that you furnish a summary showing certain computations of inventory costs for the past three years. Available information follows

$20162017$

Cost Retail Cost Retail

Beginning inventory $ $35,000$ $ $50,000$

Net purchases $89,750113,000$ $ $96,525$ $ $118,700$

Freight$-$in $2,5003,000$

Net markups $12,5009,000$

Net markdowns $2,5002,700$

Net sales to customers $109,890104,260$

Sales to employees $($net of $20\%$ discount$)3,0004,800$

Price Index:

January $1,20161\mathrm{.}00$

December $31,20161\mathrm{.}06$

December $31,20171\mathrm{.}14$

Required:

Estimate the $2016$ and $2017$ ending inventory and cost of goods sold using the dollar$-$value LIFO retail inventory method. $($Round your cost$-$to$-$retail percentage calculations to $2$ decimal places.$)$

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