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	$	430,000		$	565,000
Net purchases		920,000			1,340,000
Freight-in		62,550
Net markups					61,000
Net markdowns					31,000
Net sales					1,265,000

Estimate ending inventory and cost of goods sold (average cost).

	Cost	Retail	Cost-to-Retail Ratio
Beginning inventory
Plus: Net purchases
Freight-in
Net markups
Less: Net markdowns
Goods available for sale	$0	$0
Cost-to-retail percentage
Less: Net sales
Estimated ending inventory at retail		$0
Estimated ending inventory at cost
Estimated cost of goods sold	$0