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: The company records sales net of employee discounts. Employee discounts for 2021 totaled $3,600. 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.)