3 ! Check my work Part 1 of 2 10 points 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: Cost Skipped Beginning inventory $ 82,000 Retail $172,000 Purchases 373,000 572,000 Freight-in 8,200 Purchase returns. 6,200 10,200 Net markups 15,200 eBook Net markdowns 11,200 Normal spoilage 2,200 Abnormal spoilage 4,028 7,200 Sales 532,000 Print Sales returns 9,200 References The company records sales net of employee discounts. Employee discounts for 2021 totaled $3,200. Required: 1. Estimate Sparrow'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 dollar amount.) Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold Average cost application ! 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: Cost Retail Beginning inventory $82,000 $172,000 Purchases 373,000 572,000 Freight-in 8,200 Purchase returns 6,200 10,200 Net markups 15,200 Net markdowns 11,200 Normal spoilage 2,200 Abnormal spoilage 4,028 7,200 Sales 532,000 Sales returns 9,200 The company records sales net of employee discounts. Employee discounts for 2021 totaled $3,200. 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.) Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold Conventional application