Required Information 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: Beginning inventory Purchases Cost $ 88,000 Retail $178,000 356,000 578,000 Freight-in 8,800 Purchase returns 6,800 10,800 Net markups 15,800 Net markdowns 11,800 Normal spoilage 2,800 Abnormal spoilage 4,867. 7,800 Sales Sales returns 538,000 9,800 The company records sales net of employee discounts. Employee discounts for 2021 totaled $3,800. Problem 9-6 (Algo) Part 2 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