Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2018 are as follows: Cost $ 95,000 359,000 9,500 7,500 Retail $185,000 585,000 Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Normal spoilage Abnormal spoilage Sales Sales returns 11,500 16,500 12,500 3,500 8,500 545,000 10,500 4,354 The company records sales net of employee discounts. Discounts for 2018 totaled $4,500. 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. 2. Estimate Sparrow's ending inventory and cost of goods sold for the year using the retail inventory method and the conventional application. (For all requirements, round Cost-to-retail percentage to two decimal places and final answers to whole dollars.) Average cost application Conventional application Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold