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 $320,000 $ 465,000 863,000 1,230,000 24,500 50,000 20,000 1,210,000 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-to-Retail Ratio $ Cost 320,000 $ 863,000 24,500 Retail 465,000 1,230,000 Beginning inventory Plus: Net purchases Freight-in Net markups Less: Net markdowns Goods available for sale 50,000 (20,000) 1,725,000 $ 1,207,500 $ Cost-to-retail percentage $ (1,210,000) 515,000 $ Less: Net sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold