[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 2024 are as follows: The company records sales net of employee discounts. Employee discounts for 202.4 totaled $3,500. 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. Note: Round Cost-to-retail percentage to 2 decimal places and final answers to the nearest whole dollar amount. Answer is complete but not entirely correct. Kequirea intormation [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 2024 are as follows: The company records sales net of employee discounts. Employee discounts for 2024 totaled $3,500. 2. Estimate Sparrow's ending inventory and cost of goods sold for the year using the retail inventory method and the conventional application. Note: Round Cost-to-retail percentage to 2 decimal places and final answers to the nearest whole dollar amount. Answer is complete but not entirely correct