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:

	Cost			Retail
Beginning inventory	$	400,000		$	535,000
Net purchases		905,000			1,310,000
Freight-in		45,000
Net markups					58,000
Net markdowns					28,000
Net sales					1,250,000

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%.))

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 $400,000 $ 535,000 905,000 1,310,000 45,000 58,000 28,000 1,250,000 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 Retail Cost-to-Retail Ratio $ $ 400,000 905,000 45,000 535,000 1,310,000 Beginning inventory Plus: Net purchases Freight-in Net markups Goods available for sale Less: Net markdowns Goods available for sale 58,000 1,903,000 (28,000) 1,875,000 1,350,000 Cost-to-retail percentage (1,250,000) 625,000 $ Less: Net sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold