12 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: Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Normal spoilage Abnormal spoilage Sales Sales returns Cost Retail $ 91,000 $181,000 356,000 581,000 9,100 7.100 11,100 16,100 12,100 3,100 8,100 541,000 10,100 es The company records sales net of employee discounts. Employee discounts for 2021 totaled $4,100. Required: 2. Estimate Sparrow's ending inventory and cost of goods sold for the year using the retail inventory method and the conventional application, (Round Cost-to-retail percentage to 2 decimal places and final answers to the nearest whole dollar amount.) Conventional application Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold