The ABC Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2021 are as follows: \begin{tabular}{|c|c|c|} \hline & Cost & Retail \\ \hline Beginning Inventory & $90,000 & 180,000 \\ \hline Purchases & 355,000 & 580,000 \\ \hline Freight-in & 9,000 & \\ \hline Purchase Returns & 7,000 & 11,000 \\ \hline Net Markups & & 16,000 \\ \hline Net Markdowns & & 12,000 \\ \hline Normal Spoilage & & 3,000 \\ \hline Abnormal Spoilage & 4,800 & 8,000 \\ \hline Sales & & 540,000 \\ \hline Sales Returns & & 10,000 \\ \hline \end{tabular} 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