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: Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Normal spoilage Abnormal spoilage Sales Sales returns Cost $ 85,000 Retail $ 175,000 352,000 575,000 8,500 6,500 10,500 15,500 11,500 2,500 4,760 7,500 535,000 9,500 The company records sales net of employee discounts. Employee discounts for 2024 totaled $3,500. 2. Estimate Sparrow's 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. Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold Conventional application

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