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, 2013: BE 9-6 Retail inventory method; average cost .LO3 Cost $300,000 861,000 22,000 Retail $ 450,000 1,210,000 Beginning inventory at 1/1 Net purchases Freight-in Net markups Net markdowns Net sales 48,000 18,000 1,200,000 Estimate ending inventory and cost of goods sold (average cost). Refer to the situation described in BE 9-6. Estimate ending inventory and cost of goods sold (LIFO). BE 9-7 Retail inventory method; LIFO .LO3 LO7