The Smith Company uses the retail inventory method to compute ending inventory. Information for last year is as follows: Cost Retail Sales Additional markups Markup cancellations Markdowns Markdown cancellations Inventory, January 1 Purchases Purchase returns $190,000 18,000 6,000 8,000 2,000 20,000 199,000 5,000 $ 14,400 158,000 4,000 Instructions: Determine Smith Company's estimated ending inventory at retail and cost and its estimated cost of goods sold based on the LIFO retail inventory method