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: Cost Retail
Beginning inventory $430,000 $565,000
Net purchases 920,000 1,340,000
Freight-in 62,550
Net markups 61,000
Net markdowns 31,000
Net sales 1,265,000
Estimate ending inventory and cost of goods sold (average cost).