1 Part 5 po Required information The following information applies to the questions displayed below! Alquist Company uses the retail method to estimate tsending Inventory Selected information about its year 2001 operations is as follows January 1, 2021, beginning inventory had a cost of $160,000 and a real value of $220.000 b. Purchases during 2021 cost $1,663,000 with an original retail value of $2,440,000 c. Freight costs were $17,000 for Incoming merchandise d. Not additional markups were $215.000 and net markdowns were $255.000 e. Based on prior experience, shrinkage due to shoplifting was estimated to be $22.000 of ietvlon 1. Merchandise is sold to employees at a 20% of selling price discount Employee sales are recorded in a account at the net selling price. The balance in this account at the end of 2021 $320,000 a Sales to customers totaled $1.910,000 for the yeat ook Required: 1. Estimate ending inventory and cost of goods sold using the conventional retail method Conventional Retail Method Estimated ending inventory rotat $ 90.000 Estimated ending inventory at cost $ 61.360 Estimated cost of goods sold $ 1.778.130 Pro 12 of 5 Next >