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

1. January 1, 2021, beginning inventory had a cost of $270,000 and a retail value of $310,000.
2. Purchases during 2021 cost $2,284,000 with an original retail value of $3,710,000.
3. Freight costs were $26,000 for incoming merchandise.
4. Net additional markups were $280,000 and net markdowns were $490,000.
5. Based on prior experience, shrinkage due to shoplifting was estimated to be $31,000 of retail value.
6. 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 2021 is $410,000.
7. Sales to customers totaled $2,900,000 for the year.

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

2. Estimate ending inventory and cost of goods sold using the LIFO retail method. (Assume stable prices.)