a. Januar'f 1, 2024 , beginning inventory had a cost of $234,000 and a retall value of $280,000. b. Purchases during 2024 cost $1,813,000 with an original retail value of $3,020,000. c. Freight costs were $23,000 for incoming merchandise. d. Net additional markups were $150,000 and net markdowns were $470,000. e. Based on prior experience, shrinkage due to shoplifting was estimated to be $28,000 of retail value. f. Werchandise is sold to employees at a 20% of seling price discount. Employee sales are recurded in a sepe account at the net selling price. The balance in this account at the end of 2024 is 5380.000. g. Sales to customers totaled $2,100,000 for the year. Required: 1. Estimate ending inventory and cost of goods sold using the conventional retail method. Required information [The following information applies to the questions displayed below.] Alquist Company uses the retail method to estimate its ending inventory. Selected information about its year 2024 operations is as follows: a. January 1, 2024, beginning inventory had a cost of $234,000 and a retail value of $280,000. b. Purchases during 2024 cost $1,813,000 with an original retail value of $3,020,000. c. Freight costs were $23,000 for incoming merchandise. d. Net additional markups were $150,000 and net markdowns were $470,000. e. Based on prior experience, shrinkage due to shoplifting was estimated to be $28,000 of retail value. f. Merchandise is sold to employees at a 20% of selling price discount. Employee sales are recorded in a separate account at the net selling price. The balance in this account at the end of 2024 is $380,000. g. Sales to customers totaled $2,100,000 for the year