TASK #4 Dollar-value LIFO-retail method. Plank Co. uses the retail inventory method. The following information is available for the current year. Beginning inventory Purchases Freight-in Employee discounts Net markups Net markdowns Sales revenue Cost Retail $ 312,000 $488,000 1,180,000 1,660,000 20,000 8,000 60,000 80,000 1,560,000 Instructions 1. Determine the approximate valuation of the final inventory by the dollar-value, LIFO-retail method when the index was 100, and that the index at year end is 112. Label all figures. 2. Determine the approximate cost of goods sold at year-end.