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Required information [The following information applies to the questions displayed b Alquist Company uses the retail method to estimate its ending operations is as follows: a. January 1, 2021, beginning inventory had a cost of $134,000 b. Purchases during 2021 cost $1,375,000 with an original retail c. Freight costs were $11,000 for incoming merchandise. d. Net additional markups were $100,000 and net markdowns e. Based on prior experience, shrinkage due to shoplifting was f. Merchandise is sold to employees at a 25% of selling price di account at the net selling price. The balance in this account a g. Sales to customers totaled $1,700,000 for the year. Required: 7. Estimate ending inventory and cost of goods sold using the conventic Conventional Retall Method Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold Required information [The following information applies to the questions displayed b Alquist Company uses the retail method to estimate its ending operations is as follows: a. January 1, 2021, beginning inventory had a cost of $134,000 b. Purchases during 2021 cost $1,375,000 with an original retail c. Freight costs were $11,000 for incoming merchandise. d. Net additional markups were $100,000 and net markdowns e. Based on prior experience, shrinkage due to shoplifting was f. Merchandise is sold to employees at a 25% of selling price di account at the net selling price. The balance in this account a g. Sales to customers totaled $1,700,000 for the year. Required: 7. Estimate ending inventory and cost of goods sold using the conventic Conventional Retall Method Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold