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, 2018 Cost Retail Beginning inventory $300,000 $450,000 Net purchases Freight-in Net markups Net markdowns Net sales 861,000 1,21e,000 22,000 48,000 18,000 1,200,000 Estimate ending inventory and cost of goods sold using the conventional method. (Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.)) Cost-to-Retail Ratio Cost Retail Beginning inventory Plus: Net purchases Freight-in Net markups Goods available for sale Less: Net markdowns Goods available for sale Cost-to-retail percentage Less: Net sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold