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:

CostRetail

Beginning inventory$350,000 $505,000

Net purchases 880,000 1,260,000

Freight-in 44,450

Net markups 53,000

Net markdowns 23,000

Net sales 1,225,000

Estimate ending inventory and cost of goods sold (LIFO). (Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.))