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: Cost Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales Retail $440,000 $ 575,000 925,000 1,350,000 62,150 62,000 32,000 1,270,000 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 $ 0 Cost-to-retail percentage $ 0 Less: Net sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold $ 0