Problem 9-4 Retail inventory method: various cost methods [Log-3, 9-4] Sparrow:I Company uses the retail inventory melt'tod to estimate ending inventory and cost of goods sold. Data for 2016 are as follows: Coot Retail Beginning inventory 9 Q $1B. Purchases 355.000 538.0% Freight-in 9,800 Purchase returns EEOC! 11,301) Net markups 1630'?! Net markdowns 12,300 Normal spoilage 330D Abnormal spoilage 5.563 EEOC! Sales HEDGE: Sales returns 1U,B mmmmmdmmm. Dim-Ileh'm'ltclaledm Required: 1. Estimate Spams ending inventory and cost oi goods sold for the year using the retail inventory method and the average cost application. [Ron nd 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 Sparrovfs 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 cost of goods sold Estimated ending inventory at cost