Chapter 9 - Homework i 00 8 Saved Help Save & Exit Submit 2 Check my work Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2021 are as follows: Cost 1.25 points 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 Net markdowns 11,200 Normal spoilage 2,200 eBook Abnormal spoilage Sales 4,028 7,200 Sales returns 532,000 9,200 Print The company records sales net of employee discounts. Employee discounts for 2021 totaled $3,200. Mc Graw Hill 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 < Prev 8 of 12 Next >