3 ! Part 1 of 2 0.5 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 2024 are as follows: Beginning inventory Purchases eBook Freight-in Purchase returns Net markups Net markdowns Normal spoilage Abnormal spoilage Print Sales Sales returns References Cost $ 98,000 365,000 Retail $ 188,000 588,000 9,800 7,800 11,800 16,800 12,800 3,800 5,563 8,800 548,000 10,800 The company records sales net of employee discounts. Employee discounts for 2024 totaled $4,800. Check my work 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. Note: Round Cost-to-retail percentage to 2 decimal places and final answers to the nearest whole dollar amount. Average cost application Estimated ending inventory at retail Estimated ending inventory at cost $ 196,800 Estimated cost of goods sold