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: Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales Cost Retail $450,000 $ 580,000 935,000 1,360,000 72,800 63,000 33,000 1,275,000 Estimate ending inventory and cost of goods sold (average cost). (Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.)) Cost Retail Cost-to-Retail Ratio $ 450,000 $ 935,000 72,800 580,000 1,360,000 Beginning inventory Plus: Net purchases Freight-in Net markups Less: Net markdowns Goods available for sale 63,000 (33,000) 1,970,000 $ 1,457,800 $ Cost-to-retail percentage Less: Net sales (1,275,000) 695,000 $ Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold