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: 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 2021 2022 Cost Retail Cost Retail $172,500 $230,000 460,000 580,000 $670,000 $937,000 3,600 3,150 3,800 5,400 6,000 7,000 5,750 11,000 4,600 7,600 450,000 682,000 24,000 3,300 24,000 6,000 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. Estimated ending inventory at retail $ 2021 2022 324,700 Estimated ending inventory at cost Estimated cost of goods sold