! Required information [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 re and cost indexes for 2021 and 2022 are as follows: 2022 Retail Cost Beginning inventory Purchases Purchase returns Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 25% discount) Normal spoilage Price Index: January 1, 2021 December 31, 2021 December 31, 2022 2021 Cost Retail $162,500 $ 250,000 800,000 1,084,000 7,000 12,150 12,500 6,900 4,750 950,000 22,500 4,200 $680,000 $1,063,000 2,000 4,300 2,000 11,800 8,000 722,000 22,500 6,900 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