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 2024 are as follows: Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Normal spoilage Abnormal spoilage Sales Sales returns: Cost $ 82,000 Retail $172,000 373,000 572,000 8,200 6,200 10,200 15,200 11,200 2,200 4,028 7,200 532,000 9,200 The company records sales net of employee discounts. Employee discounts for 2024 totaled $3,200.