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The company records sales net of employee discounts

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Reference no: EM131000106

Sparrow Company uses the retail inventory method to estimate ending inventory and cost of goods sold. Data for 2011 are as follows:

The company records sales net of employee discounts. Discounts for 2011 totaled $4,000.

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 (average, LCM) 

Reference no: EM131000106

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