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 $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 (i.e., 0.1234 should be entered as 12.34%.)) Cost Retail Cost-to-Retail Ratio $ 370,000 $ 890,000 54,000 515,000 1,280,000 Beginning inventory Plus: Net purchases Freight-in Net markups Less: Net markdowns Goods available for sale 55,000 (25,000) 1,825,000 $ 1,314,000 $ Cost-to-retail percentage Less: Net sales Estimated endina inventorv at retail (1,235,000) 590.000 $ 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 $ 460,000 $ 590,000 940,000 1,370,000 52,700 64,000 34,000 1,280,000 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 $ 460,000 $ 940,000 52,700 590,000 1,370,000 Beginning inventory Plus: Net purchases Freight-in Net markups Goods available for sale Less: Net markdowns Goods available for sale 64,000 2,024,000 (34,000) 1,990,000 1,452,700 Cost-to-retail percentage Less: Net sales (1,280,000)