BE 9-7 Retail inventory method; average cost 109-3 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 $ 300,000 $ 450,000 Net purchases 861,000 1,210,000 Freight-in 22,000 Net markups 48,000 Net markdowns 18,000 Net sales 1,200,000 Estimate ending inventory and cost of goods sold (average cost) using the information provided. BE 9-8 Retail inventory method; LIFO L09-3 Refer to the situation described in BE 9-7. Estimate ending inventory and cost of goods sold (LIFO) using the information provided