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Accounting

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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 $210,000 and a retail value of $260,000.
b. Purchases during 2024 cost $1,467,000 with an original retail value of $2,330,000.
c. Freight costs were $21,000 for incoming merchandise.
d. Net additional markups were $240,000 and net markdowns were $170,000.
e. Based on prior experience, shrinkage due to shoplifting was estimated to be $26,000 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 $360,000.
g. Sales to customers totaled $1,860,000 for the year.
Required:
Estimate ending inventory and cost of goods sold using the conventional retail method.
\table[[,\table[[Conventional],[Retail Method]]],[Estimated ending inventory at retail,],[Estimated ending inventory at cost,],[Estimated cost of goods sold,]]
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