Refer to the situation described in BE 9-7. Estimate ending inventory and cost of goods sold using the conventional method.
In BE9-7
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 $300,000 450,000 1,210,000 Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales 861,000 22,000 48,000 18,000 1,200,000