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	$	460,000		$	590,000
Net purchases		940,000			1,370,000
Freight-in		52,700
Net markups					64,000
Net markdowns					34,000
Net sales					1,280,000

Estimate ending inventory and cost of goods sold using the conventional method.