Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2016 are as follows:

	Cost	Retail
Beginning inventory	$	84,000		$	174,000
Purchases		370,000			574,000
Freight-in		8,400
Purchase returns		6,400			10,400
Net markups					15,400
Net markdowns					11,400
Normal spoilage					2,400
Abnormal spoilage		4,467			7,400
Sales					534,000
Sales returns					9,400

The company records sales net of employee discounts. Discounts for 2016 totaled $3,400.

Required:
1.	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.)

Estimated ending inventory at retail

Estimated ending inventory at cost

Estimated cost of goods sold

2.	Estimate Sparrows ending inventory and cost of goods sold for the year using the retail inventory method and the conventional application.(Round your cost-to-retail percentage calculation to 2 decimal places.)

Estimated ending inventory at retail

Estimated ending inventory at cost

Estimated cost of goods sold