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Alquist Company uses the retail method to estimate its ending inventory. Selected information about its year 2 0 2 4 operations is as follows: January

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 $210,000 and a retail value of $260,000.
Purchases during 2024 cost $1,467,000 with an original retail value of $2,330,000.
Freight costs were $21,000 for incoming merchandise.
Net additional markups were $240,000 and net markdowns were $170,000.
Based on prior experience, shrinkage due to shoplifting was estimated to be $26,000 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 $360,000.
Sales to customers totaled $1,860,000 for the year.
Required:
1. Estimate ending inventory and cost of goods sold using the conventional retail method.
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