smithkline company maintains inventory records at selling prices as well as at cost. For 2021, the records indicate the following data beginning inventory cost was $90 retail was 150 purchases at cost was 590 at retail 1045 Freight in on purchases with 35 at cost purchase returns was one at retail net markups was 3 at retail net markdowns was 7 at retail and the net sales was 921 assuming the price level increased from 1.00 at January 1st to 1.35 at December 31st 2021 use the dollar value lifo retail method to approximate cost of ending inventory and cost of goods sold you're looking for estimated ending inventory at retail estimated ending inventory at cost and then estimated cost of goods sold