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 $420,000 $ 555,000 915,000 1,330,000 24,650 60,000 30,000 1,260,000 Estimate ending inventory and cost of goods sold (average cost). Answer is complete but not entirely correct. Cost Retail Cost-to- Retail Ratio $ $ 420,000 915,000 555,000 1,330,000 Beginning inventory Plus: Net purchases Freight-in Net markups Less: Net markdowns 24,650 0 0 0 60,000 (30,000) 1,915,000 Goods available for sale $ 1,359,650 $ Cost-to-retail percentage 70% Less: Net sales 0 (1,260,000) 655,000 $ Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 457,845 X 901,805 $