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 $350,000 $ 505,000 880,000 1,260,000 44,450 53,000 23,000 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%.)) Cost Retail Cost-to-Retail Ratio Beginning inventory $ Plus: Net purchases Freight-in Net markups 350,000 $ 880,000 505,000 1,260,000 44,450 53,000 Less: Net markdowns (23,000) Goods available for sale $ 1,274,450 $ 1,795,000 Cost-to-retail percentage Less: Net sales (1,225,000) Estimated ending inventory at retail Estimated ending inventory at cost $ 570,000 Estimated cost of goods sold