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 $470,000 $ 600,000 945,000 1,380,000 12,100 65,000 35,000 1,285,000 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%.)) X Answer is complete but not entirely correct. Cost Retail Cost-to- Retail Ratio $ $ Beginning inventory Plus: Net purchases Freight-in Net markups 470,000 945,000 12,100 600,000 1,380,000 Less: Net markdowns 65,000 (35,000) 2,010,000 Goods available for sale $ 1,427,100 $ Cost-to-retail percentage 71.00% Less: Net sales (1,285,000) 725,000 $ Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 558,750 $ 868,350 X