Alquist Company uses the retail method to estimate its ending inventory. Selected information about its year 2024 operations is as follows:

January 1, 2024, beginning inventory had a cost of $330,000 and a retail value of $320,000.

Purchases during 2024 cost $1,293,000 with an original retail value of $2,480,000.

Freight costs were $27,000 for incoming merchandise.

Net additional markups were $200,000 and net markdowns were $480,000.

Based on prior experience, shrinkage due to shoplifting was estimated to be $32,000 of retail value.

Merchandise is sold to employees at a 25% 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 $300,000.

Sales to customers totaled $1,700,000 for the year.

Required:

2. Estimate ending inventory and cost of goods sold using the LIFO retail method.