Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold Data for 2018 are as follows: The company records sales net of employee discounts. Discounts for 2016 totaled $4, 500. Required: Estimate Sparrows ending inventory and cost of goods sold for the year using the retail inventory method and the average cost application. (Round your cost-to-retail percentage calculation to 2 decimal places.)