Please make your explanation as detailed as possible.

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 Net purchases Freight-in Net markups Net markdowns Net sales $390,900 $ 525,000 900,000 1,300,00e 27,050 57,000 27,000 1,245,000 Estimate ending inventory and cost of goods sold (LIFO). (Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.))