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Required information [The following information applies to the questions displayed below.] Alquist Company uses the retail methed 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 $330,000 and a retail value of $320,000. b. Purchases duting 2024 cost $1,293,000 with an original retail value of $2,480,000. c. Freight costs were $27,000 for incoming merchandise. d. Net additional markups were $200,000 and net markdowns were $480,000. e. Based on prior experience, shrinkage due to shoplifting was estimated to be $32,000 of retail value. C. 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 2024 is $300,000. 9. Sales to customers totaled $1,700,000 for the yeat. Required: 1. Estimate ending inventory and cost of goods sold using the conventional retail method