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Check my work ml. Required information [The following information applies to the questions displayed below.] Part 2 of 2 Sparrow Company uses the retail inventory
Check my work ml. Required information [The following information applies to the questions displayed below.] Part 2 of 2 Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2021 are as follows: points Cost $ 89,000 352,000 8,900 6,900 Retail $179,000 579,000 eBook Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Normal spoilage Abnormal spoilage Sales Sales returns 10,900 15,900 11,900 2,900 7,900 539,000 9,900 Print 4,512 References The company records sales net of employee discounts. Employee discounts for 2021 totaled $3,900. 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
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