The ABC 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 $ 90,000 $ 180,000 Purchases 355,000 580,000 Freight-in 9,000 Purchase Returns 7,000 11,000 Net Markups 16,000 Net Markdowns 12,000 Normal Spoilage 3,000 Abnormal Spoilage 4,800 8,000 Sales 540,000 Sales Returns 10,000 The company records employee discounts. Employee discounts for 2021 totaled $4,000. Required: Estimate ABC's ending inventory and cost of goods sold for the year using the retail inventory method and the following applications: 1. Average Cost 2. Conventional