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On January 1,2024, HGC Camera Store adopted the dollar-value LIFO retail inventory method. Inventory transactions at both cost and retail, and cost indexes for 2024 and 2025 are as follows:
\table[[,2024,2025],[Cost,Retail,,Cost,Retail],[Beginning inventory,$ 34,500,$ 46,000,,,],[Net purchases,93,860,111,000,$,106,834,$ 123,900],[Freight-in,2,300,,,2,800,],[Net markups,,11,500,,,8,600],[Net markdowns,,2,300,,,2,500],[Net sales to customers,,106,000,,,110,420],[Sales to employees (net of 20% discount),,2,800,,,4,480],[Price Index:,,,,,],[January 1,2024,,,,,1.00],[December 31,2024,,,,,1.08],[December 31,2025,,,,,1.14]]
Required:
Estimate the 2024 and 2025 ending inventory and cost of goods sold using the dollar-value LIFO retail inventory method.
Note: 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.
Answer is not complete.
\table[[,2024,2025],[Estimated ending inventory at retail,$,56,700,$
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