Alquist Company uses the retail method to estimate its ending inventory. Selected information about its year 2021 operations is as follows: a. January 1, 2021, beginning inventory had a cost of $162,000 and a retail value of $210,000. b. Purchases during 2021 cost $1,502,000 with an original retail value of $2,380,000. C. Freight costs were $16,000 for incoming merchandise. d. Net additional markups were $210,000 and net markdowns were $390,000. e. Based on prior experience, shrinkage due to shoplifting was estimated to be $21,000 of retail value. f. 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 $330,000. g. Sales to customers totaled $1,700,000 for the year. Required: 1. Estimate ending inventory and cost of goods sold using the conventional retail method