[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 Cost Retail Beginning inventory Purchases Purchase returns Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 25% discount) Normal spoilage Price Index: January 1, 2021 December 31, 2021 December 31, 2022 2021 Cost Retail $108,500 $175,000 520,000 805,000 3,200 5,000 4,500 6,150 4,150 670,000 22,500 2,000 $635,000 $800,000 2,700 4,425 6,000 8,800 6,500 692,000 22,500 5,400 1.00 1.10 1.23 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.) Conventional Retail Method Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold