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11 125 Required information The following information applies to the questions displayed below! Sparrow Company uses the retail Inventory method to estimate ending inventory and
11 125 Required information The following information applies to the questions displayed below! Sparrow Company uses the retail Inventory method to estimate ending inventory and cost of goods sold. Data for 2021 are as follows abook Beginning inventory Purchases Freiht.in Purchase returns tiet Net mark Normal sollage Abnormal soolage soles Sales returns Cost Retali $ 80,000 $170,000 356,000 578,000 0.000 6,600 10,000 15,800 11,00 2,600 4,867 2,000 530,000 9.000 The company records sales ret of employee discounts Employee discounts for 2021 totoled $3,800 Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Normal spoilage Abnormal spoilage Sales Sales returns Cost Retail $ 88,698 $178,888 356,000 578,000 8,800 6,800 10,800 15,800 11,800 2,800 4,867 7,800 538,000 9,880 The company records sales net of employee discounts Employee discounts for 2021 totaled $3,800 Required: 1. Estimate Sporrow's ending Inventory and cost of goods sold for the year using the retail Inventory method and the average cost application. (Round Cost-to-retail percentage to 2 decimal places and final answers to the nearest whole doller amount.) Average cost application Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold
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