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	$	350,000		$	505,000
Net purchases		880,000			1,260,000
Freight-in		44,450
Net markups					53,000
Net markdowns					23,000
Net sales					1,225,000

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%.))

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 $ 480,000 $ 610,000 950,000 1,390,000 11,300 66,000 36,000 1,290,000 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%.)) Cost Retail Cost-to-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 0 0 0 0 Cost-to-retail percentage $ 0 Less: Net sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold $ 0