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 Cost $ 97,000 Retail $187,000 Purchases 363,000 587,000 Freight-in 9,700 Sales Purchase returns Net markups Net markdowns Normal spoilage Abnormal spoilage Sales returns 7,700 11,700 16,700 12,700 3,700 5,546 8,700 547,000 10,700 The company records sales net of employee discounts. Employee discounts for 2021 totaled $4,700. 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.) Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold Average cost application