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 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 2021 Cost Retail $147,000 $210,000 498,000 678,000 4,500 4,500 6,000 5,950 4,450 458,000 17,500 5,800 $650,000 $984,000 3,400 2,000 5,000 10,200 7,200 706,000 17,500 6,100 1.00 1.12 1.25 Required: 3. Estimate the 2021 ending inventory and cost of goods sold using the conventional retail method. (Round your cost-to-retail percentage to 2 decimal places and round your final answers to nearest whole dollar.) Answer is complete but not entirely correct. Conventional Retail Method Estimated ending inventory at retail $ 396,200 Estimated ending inventory at cost $ 289,424 Estimated cost of goods sold $ 357,076