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Kiddle 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 $330,000 $ 480,000 868,000 1,240,000 97,000 51,000 21,000 1,215,000 Estimate ending Inventory and cost of goods sold (LIFO). (Round ratio calculation to 2 decimal places (i.c., 0.1234 should be entered as 12.34%.)) Cost Retail Cost-to-Retail Ratio 330,000 $ 868,000 97,000 480,000 1 240.000 Beginning inventory Plus. Net purchases Freight in Net markups Less Net markdowns Goods available for sale (excluding beg Inventory Goods available for sale (including beg Inventory) 51 000 21,000 1,270,000 1,750,000 965,000 1.295,000 Net sales 1,215,888 Estimate ending inventory and cost of goods sold (LIFO). (Round ratio calculation to 2 decimal places (.e.. should be entered as 12.34%.)) Cost Retail Cost-to-Retail Ratio 330.000 $ 868 000 97,000 480 000 1,240 000 Beginning inventory Plus Net purchases Freight in Net markups Less Net markdowns Goods available for sale (excluding beg Inventory) Goods available for sale (including beg: Inventory) 51,000 21.000 1,270,000 1,750,000 965 000 1,295 000 75.98% Cost to retail percentage 1,215,000 535,000 $ Less. Net sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 391 208 903,794 $

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