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	$	420,000		$	555,000
Net purchases		915,000			1,330,000
Freight-in		24,650
Net markups					60,000
Net markdowns					30,000
Net sales					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 71.0096 (1.260,000) 655,000 S S Less: Net sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold