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Required information [The following information applies to the questions displayed below.] ...

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Question

Accounting

Required information
[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:
The company records sales net of employee discounts. Employee discounts for 2024 totaled $4,000.
Required:
Estimate Sparrow's ending inventory and cost of goods sold for the year using the retail inventory method and the average cost
application.
Note: Round Cost-to-retail percentage to 2 decimal places and final answers to the nearest whole dollar amount.
Answer is complete but not entirely correct.
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