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Alquist Company uses the retail 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 $$201,000$ and a retail value of $$250,000.$

b$.$ Purchases during $2024$ cost $$1,429,000$ with an original retail value of $$2,350,000.$

c$.$ Freight costs were $$20,000$ for incoming merchandise.

d$.$ Net additional markups were $$150,000$ and net markdowns were $$200,000.$

e$.$ Based on prior experience, shrinkage due to shoplifting was estimated to be $$25,000$ of retail value.

f$.$ 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 $$350,000.$

g$.$ Sales to customers totaled $$1,800,000$ for the year.

Required:

Estimate ending inventory and cost of goods sold using the conventional retail method.