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On January 1, 2016, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory...

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Accounting

On January 1, 2016, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2016 and 2017 are as follows:

2016 2017
Cost Retail Cost Retail
Beginning inventory $ 49,000 $ 70,000
Net purchases 99,250 123,000 $ 105,764 $ 129,700
Freight-in 3,500 4,000
Net markups 17,500 11,000
Net markdowns 3,500 3,700
Net sales to customers 124,460 116,240
Sales to employees (net of 20% discount) 2,800 6,400
Price Index:
January 1, 2016 1.00
December 31, 2016 1.04
December 31, 2017 1.08

Required:

Estimate the 2016 and 2017 ending inventory and cost of goods sold using the dollar-value LIFO retail inventory method. (Round your cost-to-retail percentage calculations to 2 decimal places.)
2016 2017
Estimated ending inventory at retail
Estimated ending inventory at cost
Estimated cost of goods sold

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