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: 

Required: 

1. Estimate the 2021 and 2022 ending inventory and cost of goods sold using the dollar-value LIFO retail method. 

2. Estimate the 2021 ending inventory and cost of goods sold using the average cost retail method. 

3. Estimate the 2021 ending inventory and cost of goods sold using the conventional retail method.

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2021 2022 Cost Retail Cost Retail Beginning inventory $ 90,000 $150,000 $511,000 $760,000 4,000 Purchases 478,000 730,000 Purchase returns 2,500 3,500 2,200 Freight-in Net markups 6,960 8,000 8,500 10,000 Net markdowns 4,000 6,000 Net sales to customers 650,000 680,000 Sales to employees (net of 30% discount) Normal spoilage Price Index: 14,000 17,500 5,000 6,600 January 1, 2021 December 31, 2021 1.00 1.03 December 31, 2022 1.06