Chapter 9 Exercises i 2 1 points Saved Help Save & Exit Submit Check my work Exercise 9-21 (Algo) Dollar-value LIFO retail [LO9-5] Lance-Hefner Specialty Shoppes decided to use the dollar-value LIFO retail method to value its inventory. Accounting records provide the following information: Merchandise inventory, January 1, 2021 Net purchases eBook Net markups Net markdowns Print Net sales Related retail price indexes are as follows: References January 1, 2021 1.00 December 31, 2021 1.25 Cost Retail $217,000 $350,000 396,000 595,000 16,000 11,000 440,000 Required: Determine ending inventory and cost of goods sold using the information provided. Ending inventory at retail Ending inventory at cost Cost of goods sold 510,000