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 $490,000 $ 620,000 955,000 1,400,000 10,500 67,000 37,000 1,295,000 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 Beginning inventory $ Plus: Net purchases Freight-in Net markups 490,000 $ 955,000 620,000 1,400,000 10,500 67,000 Less: Net markdowns (37,000) Goods available for sale $ 1,455,500 $ 2,050,000 Cost-to-retail percentage Less: Net sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold (1,295,000) 755,000 Cost-to-Retail Ratio