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, 2016:

CostRetailBeginning inventory$430,000$565,000Net purchases920,0001,340,000Freight-in62,550Net markups61,000Net markdowns31,000Net sales1,265,000

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

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