Required information [The following information applies to the questions displayed below.] 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 $312,000 and a retail 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 prior experience, shrinkage due to shoplifting was estimated to be $33,000 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 $430,000. g. 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