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	$	360,000		$	510,000
Net purchases		884,000			1,270,000
Freight-in		41,100
Net markups					54,000
Net markdowns					24,000
Net sales					1,230,000

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:

	Cost			Retail
Beginning inventory	$	360,000		$	510,000
Net purchases		884,000			1,270,000
Freight-in		41,100
Net markups					54,000
Net markdowns					24,000
Net sales					1,230,000

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:

	Cost			Retail
Beginning inventory	$	360,000		$	510,000
Net purchases		884,000			1,270,000
Freight-in		41,100
Net markups					54,000
Net markdowns					24,000
Net sales					1,230,000

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%.))