Brief Exercise $9-7($Algo$)$ Retail inventory method; average cost $[$LO$9-3]$

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 $ $330,000$ $ $480,000$

Net purchases $868,0001,240,000$

Freight$-$in $97,000$

Net markups $51,000$

Net markdowns $21,000$

Net sales $1,215,000$

Estimate ending inventory and cost of goods sold $($average cost$).($Round ratio calculation to $2$ decimal places $($i$.$e$.,0\mathrm{.}1234$ should be entered as $12\mathrm{.}34\%.))$