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Return to question Estimate ending Inventory and cost of goods sold using the conventional method (Round ratio calculation to 2 decimal places (.e., 0.1234 should be entered as 12.34%.)) Answer is complete but not entirely correct. Cost Retail Cosito Retail Ratio $ 340,000 873.000 26 000 490.000 1.250.000 Beginning inventory Plus. Net purchases Freight-in Net marups 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% (1.220,000) $ 550,000 Less Net sales Estimated ending inventory at reta Estimated ending inventory at cost Estimated cost of goods sold 385.000 5854,000 Brief Exercise 9-9 (Algo) Conventional retail method (L09.4) a 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 Beginning inventory Net purchases Freight-in Net markups Net narkdowns Net sales Cost Retail 5340,000 $ 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 ratio calculation to 2 decimal places (1.o., 0.1234 should be entered as 12.34%.) Answer is complete but not entirely correct. Cost Retal Costo Ret Rato Beginning inventory Plus Net purchases Freight in Netmarks S 340.000 873,000 26.000 $490.000 1.250,000 52 000