Sparrow Company uses the retail inventory method to estimate ending inventory
Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2011 are as follows:

The company records sales net of employee discounts. Discounts for 2011 totaled $4,000.

Required:
Estimate Sparrow'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 (average, LCM)

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