Problem 9-4 Retail inventory method; various cost methods [LO9-3, 9-4] Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold Data for 2016 are as follows: Cost Retail Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Normal spoilage Abnormal spoilage Sales Sales returns $ 98,000 365,000 9,800 7,800 $188,000 588,000 11,800 16,800 12,800 3,800 8,800 548,000 10,800 5,563 The company records sales net of employee discounts. Discounts for 2016 totaled $4,800. 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 your cost-to-retail percentage calculation to 2 decimal places.) Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 2. Estimate Sparrow's ending inventory and cost of goods sold for the year using the retail inventory method and the conventional application. (Round your cost-to-retail percentage calculation to 2 decimal places.) Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold