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Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2016 are as follows:

	Cost			Retail
Beginning inventory	$	88,000		$	178,000
Purchases		356,000			578,000
Freight-in		8,800
Purchase returns		6,800			10,800
Net markups					15,800
Net markdowns					11,800
Normal spoilage					2,800
Abnormal spoilage		4,867			7,800
Sales					538,000
Sales returns					9,800

The company records sales net of employee discounts. Discounts for 2016 totaled $3,800.

Required:
1.	Estimate Sparrows ending inventory and cost of goods sold for the year using the retail inventory method and the average cost application. (Round your cost-to-retail percentage calculation to 2 decimal places.)
	Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 2. Estimate Sparrows ending inventory and cost of goods sold for the year using the retail inventory method and the conventional application. (Round your cost-to-retail percentage calculation to 2 decimal places.) Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold

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