Alquist Company uses the retall method to estimate its ending inventory. Selected information about its year 2024 operations is as follows a. January 1, 2024, beginning inventory had a cost of $100,000 and a retail value of $150,000. b. Purchases during 2024 cost $1,387,500 with an original retail value of $2,000,000. c. Freight costs were $10,000 for incoming merchandise d. Net additional markups were $300,000 and net markdowns were $150,000 e. Based on prior experience, shrinkage due to shopliting was estimated to be $15,000 of retail value. t 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 $250,000. 9. Sales to customers totaled $1750.000 for the yeat. Problem 9-7 (Static) Part 1 Required: 1. Estimate ending inventory and cost of goods sold using the conventional retail method. Note: Round Cost-to-retall percentage to 2 decimal places (for example, 12.34\%) ond final answers to the nearest whole dollar amount. 2. Estimate ending inventory and cost of goods sold using the LIFO retail method. Note: Assume stable prices