Kiddie World uses a periodic inventory system and the retail inventory method to estimate ending inventory and cost of goods so 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 $340,000 $ 490,000 873,000 1,250, eee 26,000 52,000 22,000 1,220, eee Estimate ending inventory and cost of goods sold (average cost). Cost Retail Cost-to-Retail Ratio Beginning inventory Plus: Net purchases Freight-in Net markups Less: Net markdowns Goods available for sale 0 $ Cost-to-retail percentage LA 0 Less: Net sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 0