Problem 9.6 (Algo) Retail inventory method; average cost and conventional [LO9-3, 9-4] [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: The company records sales net of employee discounts. Employee discounts for 2021 totaled $4,900. Problem 9-6 (Algo) Part 1 Required: 1. Estimate Sparrow's ending inventory and cost of gcods sold for the year using the retail inventory method and the average cost application. (Round Cost-to-retail percentage to 2 dcimal places and final answers to the nearest whole dollar amount.)