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 Cost $ 470,000 945,000 12,100 Retail $ 600,000 1,380,000 Freight-in Net markups Net markdowns Net sales 65,000 35,000 1,285,000 Estimate ending inventory and cost of goods sold (average cost). Note: Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.)