Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for $2024$ are as follows:

Cost Retail

Beginning inventory $ $99,000$ $ $189,000$

Purchases $359,000589,000$

Freight$-$in $9,900$

Purchase returns $7,90011,900$

Net markups $16,900$

Net markdowns $12,900$

Normal spoilage $3,900$

Abnormal spoilage $5,1838,900$

Sales $549,000$

Sales returns $10,900$

The company records sales net of employee discounts. Employee discounts for $2024$ totaled $$4,900.$

$2.$ Estimate Sparrow$$s ending inventory and cost of goods sold for the year using the retail inventory method and the conventional application.!

Required information

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Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for $2024$

are as follows:

The company records sales net of employee discounts. Employee discounts for $2024$ totaled $$4,900.$

Estimate Sparrow's ending inventory and cost of goods sold for the year using the retail inventory method and the conventional

application.

Note: Round Cost$-$to$-$retail percentage to $2$ decimal places and final answers to the nearest whole dollar amount.