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 Proight-in Net markup Net markdowns Not sales Coit Retail $370,000 $ 515,000 890,000 1,280,000 54,000 55,000 25,000 1,235,000 Estimate ending inventory and cost of goods sold (average cost). (Round ratio calculation to 2 decimal places (.e., 0.1234 should be entered as 12.34%.)) Cost Retail Cost-to-Retail Ratio $ Beginning inventory Plus: Net purchases Freight-in Net markups Less: Net markdowns Goods available for sale 370,000 $ 890,000 54,000 515,000 1,280,000 55,000 (25,000) 1,825,000 $ 1,314,000 $ Cost-to-retail percentage Less: Net sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold (1,235,000) 590,000 $