Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2018 are as follows: Retail $98,000 $188,000 365,000 588,000 Cost Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Normal spoilage Abnormal spoilage Sales Sales returns 9,800 7,800 11,800 16,800 12, 800 3,800 8,800 548,000 10,800 5,563 The company records sales net of employee discounts. Discounts for 2018 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. 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 Conventional application application Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold