PLZ PLZ PLZ fresh solution. Dont copy paste the solution that already are in Chegg. Please make it clear and ASAP for the upvoting! Required: 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 $$270,000$ and a retail value of $$310,000.$

b$.$ Purchases during $2024$ cost $$2,284,000$ with an original retail value of $$3,710,000.$

c$.$ Freight costs were $$26,000$ for incoming merchandise.

d$.$ Net additional markups were $$280,000$ and net markdowns were $$490,000.$

e$.$ Based on prior experience, shrinkage due to shoplifting was estimated to be $$31,000$ 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 $$410,000.$

g$.$ Sales to customers totaled $$2,900,000$ for the year.

Required:

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

Note: Assume stable prices.

LIFO Retail

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

Estimated ending inventory at retail

Estimated ending inventory at cost

Estimated cost of goods sold