Requlred Informetion Problem 97 (Static) 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 2021 operations is as follows: a. January 1, 2021, beginning inventory had a cost of $100,000 and a retail value of $150,000. b. Purchases during 2021 cost $1,387,500 with an original retail value of $2,000,000. c. Freight costs were $10,000 for incoming merchandise. d. Net additional markups were $300,000 and net markdowns were $150,000. e. Based on prior experience, shrinkage due to shoplifting was estimated to be $15,000 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 $250,000. g. Sales to customers totaled $1,750,000 for the year. oblem 9-7 (Statlc) Part 1 quired: Estimate ending inventory and cost of goods sold using the conventional retail method. (Round Cost-to-retell percentege to 2 elmal pleces (for example, 12.34\%) and final onswers to the nearest whole dollar amount.) Requlred Informetion Problem 97 (Static) 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 2021 operations is as follows: a. January 1, 2021, beginning inventory had a cost of $100,000 and a retail value of $150,000. b. Purchases during 2021 cost $1,387,500 with an original retail value of $2,000,000. c. Freight costs were $10,000 for incoming merchandise. d. Net additional markups were $300,000 and net markdowns were $150,000. e. Based on prior experience, shrinkage due to shoplifting was estimated to be $15,000 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 $250,000. g. Sales to customers totaled $1,750,000 for the year. Problem 9-7 (Statlc) Part 2 2. Estimate ending inventory and cost of goods sold using the LIFO retail method. (Assume stable prlces.)