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Answer this with Explanation On January 1, 2021, HGC Camera Store adopted the dollar-value...

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Answer this with Explanation

On January 1, 2021, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2021 and 2022 are as follows: Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales to customers Sales to employees (net of 20% discount) Price Index January 1, 2021 December 31, 2021 December 31, 2022 2021 2022 Cost Retail Cost Retail $35,000 $ 50,000 89,750 113,000 $96,525 $118,700 2,500 3,000 12,500 9,000 2,500 2,700 109, 890 104, 260 3,000 4,800 1.00 =1.06 1.14 es Required: Estimate the 2021 and 2022 ending inventory and cost of goods sold using the dollar-value LIFO retail inventory method. (Do not round other intermediate calculations. Round your cost-to-retail percentage calculation to 2 decimal places and final answers to the nearest whole dollar.) 2021 2022 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold

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