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 $300,000 $450,000 861,000 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 (le.. 0.1234 should be entered as 12.34%.)) Cost Retail Cost-to-Retall Ratio $ 300,000 $ 861,000 22.000 450,000 1,210,000 Beginning inventory Plus. Net purchases Freight-in Net markups Goods available for sale Less: Not markdowns Goods available for sale $ 48,000 1.708,000 (18,000) 1,690,000 5 1,183,000 $ Cost-to-retail percentage $ Less: Net sales Estimated ending Inventory at retail Estimated ending Inventory at cost Estimated cost of goods sold (1.200,000) 490,000