Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2021 are as follows:

Cost Retail

Beginning inventory $94,000 $184,000

Purchases 364,000 584,000

Freight-in 9,400

Purchase returns 7,400 11,400

Net markups 16,400

Net markdowns 12,400

Normal spoilage 3,400

Abnormal spoilage 4,919 8,400

Sales 544,000

Sales returns 10,400

The company records sales net of employee discounts. Employeediscounts for 2021 totaled $4,400.

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.)

Conventional application

Estimated ending inventory at retail

Estimated ending inventory at cost

Estimated cost of goods sold