Problem 9-6 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 2018 are as follows: Cost ta Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Normal spoilage Abnormal spoilage Sales Sales returns 84,000 $174,000 370,000 574,000 8,400 6,40010,400 15,400 11.400 2,400 7,400 534,000 9,400 4,467 The company records sales net of employee discounts. Discounts for 2018 totaled $3.400. 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. 2. Estimate Sparrow's ending inventory and cost of goods sold for the year using the retail inventory method and the conventional applicatiorn (For all requirements, round Cost-to-retail percentage to two decimal places and final answers to whole dollars.) Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold