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	$	99,000		$	189,000
Purchases		359,000			589,000
Freight-in		9,900
Purchase returns		7,900			11,900
Net markups					16,900
Net markdowns					12,900
Normal spoilage					3,900
Abnormal spoilage		5,183			8,900
Sales					549,000
Sales returns					10,900

The company records sales net of employee discounts. Discounts for 2016 totaled $4,900.

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.)

Ending inventory at retail	?
Ending inventory at cost	?
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 (average, LCM) application. (Round the cost-to-retail percentage to 2 decimal places for calculation purposes. Round your intermediate calculations and final answers to the nearest dollar amount.)

Ending inventory at retail
Ending inventory at cost	?
Cost of goods sold	?