Alquist Company uses the retail method to estimate its ending inventory. Selected information about its year $2021$ operations is as follows:

January $1,2021,$ beginning inventory had a cost of $$254,000$ and a retail value of $$240,000.$

Purchases during $2021$ cost $$1,547,000$ with an original retail value of $$2,810,000.$

Freight costs were $$19,000$ for incoming merchandise.

Net additional markups were $$200,000$ and net markdowns were $$400,000.$

Based on prior experience, shrinkage due to shoplifting was estimated to be $$24,000$ 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 $2021$ is $$360,000.$

Sales to customers totaled $$2,020,000$ for the year.

Required:

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