Sparrow Company uses the retail inventory method to estimate ending inventoryand cost of goods sold. Data for 2024 are as follows:BeginninginventoryPurchasesFreight-inPurchasereturnsNet markupsNet markdownsNormalspoilageAbnormalspoilageSalesSales returnsCostEstimated ending inventory at retailEstimated ending inventory at costEstimated cost of goods soldRetail$90,000180,000355,000 580,0009,0007,0004,80011,00016,00012,0003,0008,000540,00010,000The company records sales net of employee discounts. Employee discounts for2024 totaled $4,000.1. Estimate Sparrow's ending inventory and cost of goods sold for the year using the retailinventory method and the average cost application.Note: Round Cost-to-retail percentage to 2 decimal places and final answers to thenearest whole dollar amount.Average costapplication esSparrow Company uses the retail inventory method to estimate ending inventoryand cost of goods sold. Data for 2024 are as follows:BeginninginventoryPurchasesFreight-inPurchasereturns.Net markupsNet markdownsNormalspoilageormalspoilageSalesSales returnsCost$97,000363,0009,7007,700Estimated ending inventory at retailEstimated ending inventory at costEstimated cost of goods sold5,546Retail$187,000587,00011,70016,70012,7003,7008,700547,00010,700The company records sales net of employee discounts. Employee discounts for2024 totaled $4,700.2. Estimate Sparrow's ending inventory and cost of goods sold for the year using theretail inventory method and the conventional application.Note: Round Cost-to-retail percentage to 2 decimal places and final answers to thenearest whole dollar amount.Conventionalapplication

Name: Sparrow Company uses the retail inventory method to estimate ending i
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Sparrow Company uses the retail inventory method to estimate ending inventoryand cost of goods sold. Data for 2024 are as follows:BeginninginventoryPurchasesFreight-inPurchasereturnsNet markupsNet markdownsNormalspoilageAbnormalspoilageSalesSales re