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 $420,000 $ 555,000 915,000 1,330,000 24,650 60,000 30,000 1,260,000 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 S $ 420,000 915,000 24,650 555,000 1,330,000 Beginning inventory Plus: Net purchases Freight-in Net markups Goods available for sale Less: Net markdowns Goods available for sale 60,000 1.945,000 (30,000) 1,915,000 1,359,650 Cost-to-retail percentage (1,260,000) 655,000 $ Less: Net sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold