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 Beginning inventory $ 420,000 $ Plus: Net purchases Freight-in Net markups Goods available for sale 915,000 555,000 1,330,000 24,650 60,000 1,945,000 Less: Net markdowns (30,000) Goods available for sale 1,359,650 1,915,000 Cost-to-retail percentage Less: Net sales (1,260,000) Estimated ending inventory at retail Estimated ending inventory at cost $ 655,000 Estimated cost of goods sold Cost-to-Retail Ratio