Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2021 are as follows: The company records sales net of employee discounts. Employee discounts for 2021 totaled $4,400. equired: Estimate Sparrow's ending inventory and cost of goods sold for the year using the retail inventory method and the average cost pplication. (Round Cost-to-retail percentage to 2 decimal places and final answers to the nearest whole dollar amount.) 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.)