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Required information [The foliowr'ng information appiies to the questions displayed below. ,l Sparrow Company uses the retail inventory method to estimate ending inventory and cost

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Required information [The foliowr'ng information appiies to the questions displayed below. ,l Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2021 are as follows: Cost Retail Beginning inventory $ 98,999 $188,999 Purchases 355,999 588,999 Freight-in 9,899 Purchase returns 7,899 11,899 Net markups 16,899 Net markdowns 12,899 Normal spoilage 3,899 Abnormal spoilage 5,563 8,899 Sales 548,999 Sales returns 19,899 The company records sales net of employee discounts. Employee discounts for 2021 totaled $4,800. 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.)

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