BE 9-7 Retail inventory method; average cost LO9-3 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, 2018: Cost $300,000 861,000 22,000 Retail $ 450,000 1,210,000 48,000 18,000 1,200,000 BE 9-8 Retail inventory method; LIFO LO9-3 BE 9-9 Conventional retail method Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales Estimate ending inventory and cost of goods sold (average cost). Refer to the situation described in BE 9-7. Estimate ending inventory and cost of goods sold (LIFO). Refer to the situation described in BE 9-7. Estimate ending inventory and cost of goods sold using the conven- tional method.