Assignment Chapter 9 6 Saved (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: Cost Retail Beginning inventory Purchases $ 90,000 355, 000 9,e00 $180, 000 580,000 Freight-in Purchase returns Net markups Net markdowns 7,e00 11, e00 16, 000 Normal spoilage Abnormal spoilage Sales Sales returns 12,000 3,000 8,000 540, 000 10, 000 4, 800 The company records sales net of employee discounts. Employee discounts for 2021 totaled $4,000. 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.) Average cost application Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold Required information (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: Cost S 90, 000 355, 000 9, 000 7,000 Retail Beginning inventory Purchases Freight-in Purchase returns $180, 000 580, 000 Net markups Net markdowns Normal spoilage Abnormal spoilage Sales Sales returns 11, 000 16, 000 12,000 3,000 8, 0ee 540, 000 10,000 4, 80e The company records sales net of employee discounts. Employee discounts for 2021 totaled $4,000. 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.) Conventional application Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold