Required information [The following information applies to the questions displayed below.] Alquist Company uses the retall method to estimate its ending imventory. Selected information about its year 2024 operations is as follows: a. January 1,2024 , beginning inventory had a cost of $180.000 and a retall value of $230,000. b. Purchases during 2024 cost $1,802,000 with an original retail value of $2,695,000. c. Freight costs were $18,000 for incoming merchandise, d. Net adiditional markups were $200.000 and net markdowns were $295,000. e. Based on priot experlence, shrinkage due to shoplifting was estimated to be $23.000 of retail value. f. Merchandise is soid 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 $330.000. 9. Sales to customers totaled $2,100,000 for the year. Required: 1. Estimate ending inventory and cost of goods sold using the conventional retall method