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Problem 9-6 Retail inventory method; various cost methods [LO9-3, 9-4] Sparrow Company uses the retail...

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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: Beginning inventory $ 98,000 188, 000 365,000 588,000 Freight-in Purchase returns Net markups Nct markdowns Nornal spoilage Abnormal spoilage Sales Sales returns 9,800 7 B00 11,800 16,800 12,800 3, B00 8,800 548,000 10,B00 5,563 The company records sales net of employee discounts. Discounts for 2018 totaled $4,800. 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 application (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

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