Required information Jhe followng information appiess to the questions displayed below] Alquist Company uses the retail method to estimate its ending inventoty Selected information about its year 2024 operations is as follows: a. January 1, 2024, beginning inventory had a cost of $312.000 and a retal value of $330,000 b. Purchases during 2024 cost $1,740,000 with an original retail value of $2,670,000. c. Freight costs were $28,000 for incoming merchandise. d Net additional markups were $250,000 and net markdowns were $320,000 e. Based on phor experience, shrinkage due to shoplifting was estimated to be $33,000 of retail value f. Merchandise is sold to employees at a 20% of seling price discount. Employee sales are recorded in a separate account at the net seling price. The balance in this account at the end of 2024 is $430,000. 9. Sales to customers totaled $2.000.000 for the year. Required: 1. Estimate ending inventory and cost of goods sold using the conventional retail method. Required: 2. Estimate ending inventory and cost of goods sold using the LIFO retail method. Note: Assume stable prices