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 at the end of the year: Beginning inventory Net purchases Cost $ 330,000 868,000 97,000 Retail $ 480,000 1,240,000 Freight-in Net markups Net markdowns Net sales 51,000 21,000 1,215,000 Estimate ending inventory and cost of goods sold using the conventional method. Note: Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.) > Answer is complete but not entirely correct. Beginning inventory Plus: Net purchases Freight-in Net markups Goods available for sale Cost Retail Cost-to- Retail Ratio $ 330,000 868,000 $ 480,000 1,240,000 97,000 51,000 1,295,000 1,771,000 (21,000) 1,750,000 74.00% x Less: Net markdowns Goods available for sale Cost-to-retail percentage Less: Net sales (1,215,000) Estimated ending inventory at retail $ 535,000 Estimated ending inventory at cost 395,900 X Estimated cost of goods sold $ 899,100