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 $$350,000$ and a retail value of $$270,000.$

Purchases during $2024$ cost $$1,658,000$ with an original retail value of $$3,030,000.$

Freight costs were $$22,000$ for incoming merchandise.

Net additional markups were $$200,000$ and net markdowns were $$430,000.$

Based on prior experience, shrinkage due to shoplifting was estimated to be $$27,000$ of retail value.

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.$

Sales to customers totaled $$2,200,000$ for the year.

Required:

$1.$ Estimate ending inventory and cost of goods sold using the conventional retail method.