Required information [The following information applies to the questions displayed below.] On January 1, 2024, Pet Friendly Stores adopted the retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2024 and 2025 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, 2024 December 31, 2024 December 31, 2025 2024 2025 Cost Retail Cost Retail $ 159,250 $ 245,000 450,000 631,000 $ 685,000 $ 918,000 4,500 7,200 3,550 4,100 7,000 4,500 5,900 11,600 4,600 500,000 24,000 3,500 7,900 720,000 24,000 6,800 1.00 1.25 1.25 Required: 3. Estimate the 2024 ending inventory and cost of goods sold using the conventional retail method. Note: Round your cost-to-retail percentage to 2 decimal places and round your final answers to nearest whole dollar. Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold Conventional Retail Method