Do not give answer in image **Exercise 9-19 (Algo) Dollar-value LIFO retail [LO9-5]**On January 1, 2024, the Brunswick Hat Company adopted the dollar-value LIFO retail method. The following data are available for 2024:| | Cost | Retail ||-------------------------------------|-----------|-----------|| Beginning inventory | $72,420 | $142,000 || Net purchases | 217,100 | 266,000 || Net markups | | 18,000 || Net markdowns | | (10,000) || Net sales | | (315,000) || Retail price index, 12/31/2024 | | 1.05 |**Required:**Calculate the estimated ending inventory and cost of goods sold for 2024 using the information provided. *Note: Do not round intermediate calculations.*---**Answer is complete but not entirely correct.**- Ending inventory at retail: $25,000- Ending inventory at cost: $25,000- Cost of goods sold: $25,000

Inventory is the accounting of things, components, and raw materials that a corporation consumes or sells. While there are many other forms of inventory, the four most common are raw materials and components, work in progress, finished goods, maintenance, repairs, and running supplies.Beginning inventory is the cost of inventory recorded in a company's accounting record at the start of an accounting period. Beginning inventory is defined as a current asset and is an asset account.Ending inventory cost: The value of goods remaining available for sale and kept by the firm at the conclusion of an accounting period is referred to as ending inventory.Ending inventory is calculated as: CostRetailRatioBeginning Inventory72420142000Add : Purchases107100264000Add : Net Markups06000Less : Net Mardowns0-15000Goods Available for Sale (excluding beginning inventory)107100255000Goods Available for Sale (including beginning inventory)179520397000Cost to Retail Percentage (beginning) ($72420/$142000)51.00%Cost to Retail Percentage (current) ($107100/$255000)42.00%Net Sales-229000Estimated Ending Inventory at Year-end Retail Price168000Estimated Ending Inventory at base year Retail Price ($168000/1.05)160000Estimated Ending Inventory at Cost80358Estimated Cost of Goods Sold ($179520-$80358)99162 RetailCostBeginning Inventory7242072420Layer this year1800042%7938Total9042080358Current Year Layer at base year retail price = $160,000 - $142,000 = $18,000Current Year Layer at cost = $18,000*42%*1.05 = $7938Cost of Goods Sold = Goods Available for Sale (including beginning inventory) - Estimated Ending Inventory at CostThe final answer to all the requirements.Ending Inventory at Retail = $168,000Ending Inventory at Cost = $80,358Cost of Goods Sold = $99,162