7 0.9 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: points Beginning inventory Net purchases Freight-in Net markups Cost $450,000 $ Retail 580,000 935,000 1,360,000 72,800 63,000 Net markdowns eBook Net sales Print References 33,000 1,275,000 Estimate ending inventory and cost of goods sold (LIFO). (Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.)) Cost-to-Retail Cost Retail Ratio Beginning inventory $ Plus: Net purchases Freight-in Net markups 450,000 $ 935,000 580,000 1,360,000 72,800 0 63,000 Less: Net markdowns 0 33,000 Goods available for sale (excluding beg. Inventory) 1,007,800 1,390,000 Goods available for sale (including beg. Inventory) 1,457,800 1,970,000 Cost-to-retail percentage 72.50% Less: Net sales 0 1,275,000 $ 695,000 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold $ 948,055