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: Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales Cost Retail $380,000 $ 520,000 895,000 1,290,000 68,200 56,000 26,000 1, 240,000 Estimate ending inventory and cost of goods sold (average cost). Retail Cost-to-Retail Ratio $ $ Cost 380,000 895,000 68,200 520,000 1,290,000 Beginning inventory Plus: Net purchases Freight-in Net markups Less: Net markdowns Goods available for sale 56,000 (1,240,000) 626,000 $ 1,343,200 $ Cost-to-retail percentage 72% (26,000) 600,000 $ Less: Net sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 431,880 911,320