[The following information applies to the questions displayed below] Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2021 are as follows: Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Normal spoilage Abnormal spoilage Sales Sales returns Cost $ 80,000 Retail $170,000 347,000 570,000 8,000 6,000 10,000 15,000 11,000 2,000 3,705 7,000 530,000 9,000 The company records sales net of employee discounts. Employee discounts for 2021 totaled $3,000. 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. (Round Cost-to-retail percentage to 2 decimal places and final answers to the nearest whole dollar amount.) 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. (Round Cost-to-retail percentage to 2 decimal places and final answers to the nearest whole dollar amount.) Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold Average cost opplication 4 spanty Required: 2. Estimate Sparrow's ending inventory and cost of goods sold for the year using the retail inventory method and the conventional application. (Round Cost-to-retail percentage to 2 decimal places and final answers to the nearest whole dollar amount.) Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold Conventional application