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 $500,000 $ 630,000 960,000 1,410,000 51,100 68,000 38,000 1,300,000 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%.)) Answer is complete but not entirely correct. Cost Retail Cost-to- Retail Ratio Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales Cost Retail $500,000 $ 630,000 960,000 1,410,000 51,100 68,000 38,000 1,300,000 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%.)) Answer is complete but not entirely correct. Cost-to- Retail Cost Retail Ratio $ Beginning inventory Plus: Net purchases Freight-in Net markups Less: Net markdowns Goods available for sale (excluding beg. Inventory) Goods available for sale (including beg. Inventory) 500,000 $ 960,000 51,100 0 630,000 1,410,000 0 68,000 0 38,000 1,440,000 1,011, 100 1,511,100 2,070,000 Cost-to-retail percentage 73.00% 0 770,000 1,300,000 $ Less: Net sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 562,100 X 949,000