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 retail, and cost indexes for 2021 and 2022 are as follows: Cost 2022 Retail $1,123,000 $725,000 4,000 7,000 6,600 2021 Cost Retail $ 156,000 $240,000 510,000 752,000 6,200 3,650 6,200 6,250 4,600 500,000 21,000 6,200 Beginning inventory Purchases Purchase returns Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 30% discount) Normal spoilage Price Index: January 1, 2021 December 31, 2021 December 31, 2022 11,400 7,800 718,000 21,000 3,000 1.00 1.25 1.50 Required: 2. Estimate the 2021 ending inventory and cost of goods sold using the average cost retail method. (Round your cost-to-retail percentage to 2 decimal places and round your final answers to nearest whole dollar.) X Answer is complete but not entirely correct. Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold Average Cost Retail Method 984,000 $ 658,134 $ 10,166