BE 9-8

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:

	Cost		Retail
Beginning inventory	$	300,000	$	450,000
Net purchases		861,000		1,210,000
Freight-in		22,000
Net markups				48,000
Net markdowns				18,000
Net sales				1,200,000

Estimate ending inventory and cost of goods sold (LIFO).