6 Kiddie World uses a periodic inventory system and the retail inventory method to estimate ending inventory and cost of goods sold. The following data are available for the quarter ending September 30, 2021: 5 ints Cost Retail $500,000 $ 630,000 960,000 1,410,000 51,100 68,000 38,000 1,300,000 Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales Skipped eBook Estimate ending inventory and cost of goods sold using the conventional method. (Round ratio calculation to 2 decimal places (.e., 0.1234 should be entered as 12.34%.)) Print Cost Retail Cost-to-Retail Ratio $ 500,000 $ 960,000 51,100 630,000 1,410,000 References Beginning inventory Plus: Net purchases Freight-in Net markups Goods available for sale Less: Net markdowns Goods available for sale 68,000 2,108,000 (38,000) 2,070,000 1,511,100 Cost-to-retail percentage (1,300,000) $ 770,000 Less: Net sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold