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 2021 operations is as follows: a. January 1, 2021, beginning inventory had a cost of $120,000 and a retail value of $170.000. b. Purchases during 2021 cost $1,332,000 with an original retail value of $2,170,000. c. Freight costs were $12,000 for incoming merchandise. d. Net additional markups were $100,000 and net markdowns were $170,000. e. Based on prior experience, shrinkage due to shoplifting was estimated to be $17,000 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 2021 is $270,000. g. Sales to customers totaled $1,710,000 for the year. Required: 2. Estimate ending inventory and cost of goods sold using the LIFO retail method. (Assume stable prices.) LIFO Retail Method $ 343,800 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold