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 markapa Net markdowns Net sales Cost Retail $460,000 $ 590,000 940,000 1,370,000 52,700 64,000 34,000 1,280,000 Estimate ending Inventory and cost of goods sold (average cost). (Round ratio calculation to 2 decimal places (l.e., 0.1234 should be entered as 12.34%.)) Cost Retall Cost-to-Retail Ratio $ Beginning inventory Plus: Net purchases Freight-in Net markups Loss: Net markdowns Goods available for sale 460,000 $ 940,000 52,700 590,000 1,370,000 64.000 (34,000) 1,990,000 $ 1.452.700 $ Cost-to-retail percentage Less: Net sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold (1,280,000) 710,000 $