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5 Required Information Problem 9.6 (Algo) Retail inventory method; average cost and conventional (LO9-3, 9-4) [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: of 2 +420 Beginning inventory Purchases treight-in Purchase returne Net markup Netmarkdown Normal sporlage Abnornal spoilage Salas Sales returns Cont Hea $ 87,000 $177,000 359,000 577,000 3,700 6.700 10,200 15.700 11.700 2,700 4,240 7.700 537,000 9,700 The company records sales net of employee discounts. Employee discounts for 2021 totaled $3.700 Problem 9-6 (Algo) Part 1 Required: 1. Estimate Sparrow's ending inventory and cost of goods sold for the year using the retail inventory method and the average cost opplication (Round Cost-to-retail percentage to 2 decimal places and final answers to the nearest whole dollar amount.) Sales Sales returns 537,000 9,700 The company records sales net of employee discounts. Employee discounts for 2021 totaled $3,700. Problem 9-6 (Algo) Part 1 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 retal Estimated ending inventory at cost Estimated cost of goods sold