Brief Exercise $9-8($Algo$)$ Retail inventory method; LIFO $[$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 $ $500,000$ $ $630,000$

Net purchases $960,0001,410,000$

Freight$-$in $51,100$

Net markups $68,000$

Net markdowns $38,000$

Net sales $1,300,000$

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