M06 Chapter 9 Homework i Saved Required Information Part 2 of 2 [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 4.28 are as follows: points Cost Retail Beginning inventory $ 89, 290 $ 179, 080 Purchases 352, 209 579, 080 Freight-in 8, 900 eBook Purchase returns 6,909 10,980 Net markups 15,980 Net markdowns 11, 980 Normal spoilage 2,980 Print Abnormal spoilage 4, 512 7,980 Sales 539, 080 Sales returns 9,980 References The company records sales net of employee discounts. Employee discounts for 2024 totaled $3,900. 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-retall percentage to 2 decimal places and final answers to the nearest whole dollar amount. Conventional application Estimated ending inventory at retail 207,300 Estimated ending inventory at cost Estimated cost of goods sold