Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2018 are as follows: Cost Retail 80,000 347,000 8,000 6,000 Beginning inventory $170,000 570,000 Purchases Freight-in Purchase returns 10,000 Net markups 15,000 11,000 2,000 7,000 530,000 9,000 Net markdowns Normal spoilage Abnormal spoilage 3,705 Sales Sales returns The company records sales net of employee discounts. Discounts for 2018 totaled $3,000. 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 2. Estimate Sparrow's ending inventory and cost of goods sold for the year using the retail inventory method and the conventional application |(For all requirements, round Cost-to-retail percentage to two decimal places and final answers to whole dollars.) Average cost application Conventional application Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold