Return to question 6 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: 1.25 points Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales Cost Retail $340,000 $ 490,000 873,000 1,250,000 26,000 52,000 22,000 1,220,000 Estimate ending inventory and cost of goods sold using the conventional method. (Round ratlo calculation to 2 decimal places (.e., 0.1234 should be entered as 12.34%.)) Answer is complete but not entirely correct. Cost Retail Cost-to- Retail Ratio $ 340,000 873,000 26,000 $ 490,000 1,250,000 Beginning inventory Plus: Net purchases Freight-in Net markups Goods available for sale Less: Net markdowns Goods available for sale 52,000 1,792,000 (22,000) 1,770,000 1,239,000 Cost-to-retail percentage 70.00% X (1,220,000) $ 550,000 Less: Net sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 385,000 x 854,000 X IS