Required information Problem 9-7 (Algo) Retail inventory method; conventional and LIFO [LO9-3, 9-4] [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 $180,000 and a retail 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 additional markups were $200,000 and net markdowns were $295,000. e. Based on prior experience, shrinkage due to shoplifting was estimated to be $23,000 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 $330,000. g. Sales to customers totaled $2,100,000 for the year. Problem 9-7 (Algo) Part 2 Required: 2. Estimate ending inventory and cost of goods sold using the LIFO retail method. Note: Assume stable prices. LIFO Retail Method Estimated ending inventory at retail $ 399,500 Estimated ending inventory at cost Estimated cost of goods sold