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 Net markups Net markdowns Normal spoilage Abnormal spoilage Sales Sales returns Cost Retail $ 98,000 $188,000 365,000 588,000 9,800 7.800 11,800 16,800 12,800 3,800 5,563 8.800 548.000 10.800 The company records sales net of employee discounts. Employee discounts for 2021 totaled $4,800. 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.) Conventional application Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2021 are as follows: Cont $ 98,000 365.000 9.800 7.300 Retail $188.000 500,000 lleginning inventory Purchases Freight-in Purchase returns Net markupa Net markdowns Normal spoilage Abnormal spoilage Sales Salen returns 11,800 16,800 12,800 3,800 8.800 548,000 10,800 5,563 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.) Average cost application Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold