Alquist Company uses the retail method to estimate its ending inventory. Selected information about its year 2018 operations is as follows:

1. January 1, 2018, beginning inventory had a cost of $201,000 and a retail value of $250,000.
2. Purchases during 2018 cost $1,429,000 with an original retail value of $2,350,000.
3. Freight costs were $20,000 for incoming merchandise.
4. Net additional markups were $150,000 and net markdowns were $200,000.
5. Based on prior experience, shrinkage due to shoplifting was estimated to be $25,000 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 2018 is $350,000.
7. Sales to customers totaled $1,800,000 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.)