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: Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Normal spoilage Abnormal spoilage Sales Sales returns Cost $ 87,000 Retail $177,000 359,000 577,000 8,700 6,700 10,700 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 2 Required: 2. Estimate Sparrow's ending inventory and cost of goods sold for the year using the retail inventory method and the conventional application. (Round Cost-to-retall percentage to 2 decimal places and final answers to the nearest whole dollar amount.) Estimated ending inventory at retail Estimated ending inventory at cost Conventional application Estimated cost of goods sold