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 at the end of the year:

$\backslash$table$[[,$Cost,Retail$],[$Beginning inventory,$$380,000,$$$520,000$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 at the end of the year:

Cost Retail

Beginning inventory $ $380,000$ $ $520,000$

Net purchases $895,0001,290,000$

Freight$-$in $68,200$

Net markups $56,000$

Net markdowns $26,000$

Net sales $1,240,000$

Estimate ending inventory and cost of goods sold using the conventional method.