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 Het sales Cost Retail $300,000 $450,000 361,000 1,210,000 22,000 48,000 18,000 1,200,000 Estimate ending inventory and cost of goods sold using the conventional method (Round ratio calculation to 2 decimal places {te., 0.1234 should be entered as 12.34%.)) Estimate ending inventory and cost of goods sold using the conventional method (Round ratio calculation to 2 decimal places (.e. 0.1234 should be entered as 12.34%. Cost 300 000 $ 861,000 22.000 Retail Cost to Retail Ratio 450,000 1.210.000 Beginning inventory Plus Net purchases Freight-in Net markups Goods available for sale Less. Net markdowns Goods available for sale $ 48.000 1 708,000 (18000) 1 690.000 $ 1 183.000 $ Cost-to-retail percentage (1.200.000 490.000 $ Less: Net Sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold