None 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 2024are as follows:CostRetailBeginning inventoryPurchasesFreight-inPurchase returnsNet markupsNet markdownsNormal spoilageAbnormal spoilageSalesSales returns$ 88,000$ 178,000356,000578,0008,8006,80010,80015,80011,8002,8004,8677,800538,0009,800The company records sales net of employee discounts. Employee discounts for 2024 totaled $3,800.Required:1. Estimate Sparrow's ending inventory and cost of goods sold for the year using the retail inventory method and the average costapplication.Note: Round Cost-to-retail percentage to 2 decimal places and final answers to the nearest whole dollar amount.Estimated ending inventory at retailEstimated ending inventory at costEstimated cost of goods soldAverage costapplication

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Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: None 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 2024are as follows:CostRetailBeginning invent