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

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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: Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Normal spoilage Abnormal spoilage Sales Sales returns Cost $ 87,000 Retail $177,000 359,000 577,000 8,700 6,700 10,700 15,700 11,700 2,700 4,240 7,700 537,000 9,700 The company records sales net of employee discounts. Employee discounts for 2021 totaled $3,700. Problem 9-6 (Algo) Part 1 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. (Round Cost-to-retall percentage to 2 decimal places and final answers to the nearest whole dollar amount.) Average cost application 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: Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Normal spoilage Abnormal spoilage Sales Sales returns Cost $ 87,000 Retail $177,000 359,000 577,000 8,700 6,700 10,700 15,700 11,700 2,700 4,240 7,700 537,000 9,700 The company records sales net of employee discounts. Employee discounts for 2021 totaled $3,700. Problem 9-6 (Algo) Part 1 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. (Round Cost-to-retall percentage to 2 decimal places and final answers to the nearest whole dollar amount.) Average cost application Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold