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Sparrow Company uses the retail Inventory method to estimate ending Inventory and cost of goods sold. Data for 2021 are as follows: Cost $ 99,000
Sparrow Company uses the retail Inventory method to estimate ending Inventory and cost of goods sold. Data for 2021 are as follows: Cost $ 99,000 359,000 9,900 7,900 Retail $189,000 589,000 Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Normal spoilage Abnormal spoilage Sales Sales returns 11,900 16,900 12,900 3,990 8,900 549,000 10,900 5,183 The company records sales net of employee discounts. Employee discounts for 2021 totaled $4,900. Requlred: 1. Estimate Sparrow's ending Inventory and cost of goods sold for the year using the retall Inventory method and the average cost application. (Round Cost-to-retall percentage to 2 decimal places and final answers to the nearest whole dollar amount.) Average cost application $ 214,300 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: cost $ 99,000 359,000 9.900 7,900 Retail $189,000 589,000 Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Normal spoilage Abnormal spoilage Sales Sales returns 11,900 16,900 12,900 3,900 8,900 549,000 10,900 5,183 The company records sales net of employee discounts. Employee discounts for 2021 totaled $4,900. 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-retall percentage to 2 decimal places and final answers to the nearest whole dollar amount.) Conventional application $ 214,300 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold
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