On January 1, 2016, ABC Company 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

$28,000

$ 40,000

Net purchases

85,000

108,000

$90,000

$114,000

Freight-in

2,000

2,500

Net markups

10,000

8,000

Net markdowns

2,000

2,200

Net sales to customers

100,000

104,000

Price Index:

 January 1, 2016

1.00

 December 31, 2016

1.06

 December 31, 2017

1.10

Required:

Estimate the 2016 and 2017 ending inventory and cost of goods sold using the dollar-value LIFO retail inventory method.