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Required information Problem 9-6 (Algo) Retail inventory method; average cost and conventional (LO9-3, 9-4] [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 2021 are as follows: Cont $ 93,000 362,000 9,300 7,300 Retail $183,000 583,000 Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Normal spoilage Abnormal spoilage Sales Sales returns 11,300 16,300 12,300 3,300 8,300 543,000 10,300 4,884 The company records sales net of employee discounts. Employee discounts for 2021 totaled $4,300. Required: Estimate Sparrow's ending inventory and cost of goods sold for the year using the retail inventory method and the following applications: 1. Average cost 2. Conventional 2. Use your numbers from the problems, i.e. the ones from your Connect homework. 3. Prepare an Excel file with 3 worksheets. 1. Data Input": 2. "Average Cost": 3. "Conventional": Input data from the problem (the table above) Prepare a schedule with Requirement 1. Prepare a schedule with Requirement 2. Name each worksheet with the names in quotes, for example Data Input." 4. Input the problem data in the Data Input worksheet. 5. Use formulas which reference the input data for the Average Cost and Conventional schedules. All numbers in these worksheets must use formulas, no data input in these worksheets 6. Number formatting is comma, zero decimal places, except for percentages which must be formatted as percentages with 2 decimal places

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