[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 $150,500 $215,000 640,000 852,000 $735,000 $923,000 2,700 5,650 3,500 5,475 6,800 5,000 5,600 10,400 4,450 7,300 560,000 708,000 20,000 3,100 1.00 1.25 1.25 20,000 2,000 Required: 2. Estimate the 2021 ending inventory and cost of goods sold using the average cost retail method. (Round your cost-to-retail percentage to 2 decimal places and round your final answers to nearest whole dollar.) Average Cost Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold Retail Method