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: 2022 Retail Cost $725,000 4,000 7,000 $1,123,000 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: 1. Estimate the 2021 and 2022 ending inventory and cost of goods sold using the dollar-value LIFO retail method. Answer is complete but not entirely correct. 2021 2022 Estimated ending inventory at retail $ 453,800 $ 822,800 Estimated ending inventory at cost $ 259,743 $ 440,599 % Estimated cost of goods sold $ 402,157 X $ 547,144