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Accounting

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Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2024 are as follows:
Cost Retail
Beginning inventory $ 99,000 $ 189,000
Purchases 359,000589,000
Freight-in 9,900
Purchase returns 7,90011,900
Net markups 16,900
Net markdowns 12,900
Normal spoilage 3,900
Abnormal spoilage 5,1838,900
Sales 549,000
Sales returns 10,900
The company records sales net of employee discounts. Employee discounts for 2024 totaled $4,900.
2. Estimate Sparrows ending inventory and cost of goods sold for the year using the retail inventory method and the conventional application.
Note: Round Cost-to-retail percentage to 2 decimal places and final answers to the nearest whole dollar amount.

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