Required information [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 Freight-in Purchase returns Cost Retail $90,000 $180,000 9,000 355,000 580,000 7,000 11,000 Net markups 16,000 Net markdowns 12,000 Normal spoilage 3,000 Abnormal spoilage 4,800 8,000 Sales 540,000 Sales returns 10,000 The company records sales net of employee discounts. Employee discounts for 2021 totaled $4,000. 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 wha dollar amount.) Estimated ending inventory at retail Estimated ending inventory at cost Conventional application Estimated cost of goods sold