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Answer this with Explanation Sparrow Company uses the retail inventory method to estimate ending...

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Answer this with Explanation

Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2021 are as follows: Cost $ 92,000 360,000 9,200 7,200 Retail $182,000 582,000 Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Normal spoilage Abnormal spoilage Sales Sales returns 11,200 16,200 12,200 3,200 8,200 542,000 10,200 4,840 The company records sales net of employee discounts. Employee discounts for 2021 totaled $4,200. 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.) x Answer is complete but not entirely correct. Average cost app tion $ 223,600 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold X X E $ 133,266 x EA TA x 315,894

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