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, 2016:

	Cost			Retail
Beginning inventory	$	450,000		$	580,000
Net purchases		935,000			1,360,000
Freight-in		72,800
Net markups					63,000
Net markdowns					33,000
Net sales					1,275,000

Estimate ending inventory and cost of goods sold using the conventional method. (Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.))

Cost-to-Retail Ratio Cost Retail Beginning inventory Plus: Net purchases Freight-in Net markups Goods available for sale Less: Net markdowns Goods available for sale 0 0 0 Cost-to-retail percentage Less: Net sales Estimated ending inventory at reail Estimated ending inventory at cost Estimated cost of goods sold 0 0