! Required information Problem 9-13 (Algo) Retail inventory method; various applications [LO9-3, 9-4, 9-5] [The following information applies to the questions displayed below.] On January 1, 2021, Pet Friendly Stores adopted the retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2021 and 2022 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, 2021 December 31, 2021 December 31, 2022 Problem 9-13 (Algo) Part 1 2021 2022 Cost Retail Cost Retail $140,000 $200,000 440,000 594,000 $680,000 $854,000 3,500 4,350 3,200 4,550 6,600 5,000 5,450 9,800 4,300 7,000 480,000 702,000 19,200 19,200 2,900 4,000 1.00 1.25 1.25 Required: 1. Estimate the 2021 and 2022 ending inventory and cost of goods sold using the dollar-value LIFO retail method.