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: Beginning inventory Net purchases Freight-in Cost $ 450,000 935,000 72,800 Retail $ 580,000 1,360,000 Net markups Net markdowns Net sales 63,000 33,000 1,275,000 Estimate ending inventory and cost of goods sold using the conventional method. Note: Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.) Answer is complete but not entirely correct. Cost Retail Cost-to- Retail Ratio Beginning inventory Plus: Net purchases Freight-in Net markups Goods available for sale Less: Net markdowns $ 450,000 935,000 $ 580,000 1,360,000 72,800 63,000 2,003,000 (33,000) Goods available for sale 1,457,800 1,970,000 Cost-to-retail percentage 72.50% x Less: Net sales (1,275,000) Estimated ending inventory at retail $ 695,000 Estimated ending inventory at cost 533,379 x Estimated cost of goods sold $ 924,421 x