Brief Exercise 9-8 Retail inventory method; LIFO [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 Retail Beginning inventory Net purchases Freight-in Net markups Net markdowns Net sales $380,000 520,000 895,000 1,290,000 68, 200 56,000 26,000 1,240,000 Estimate ending inventory and cost of goods sold (LIFO). (Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.)) Answer is complete but not entirely correct. ost-to- Retail Ratio Cost Retail Beginning inventory Plus: Net purchases 380.000 e $ 520,000 895,000 1,290,000 68,200 Freight-in Net markups 056,000 026,000 1,320,000 1,840,000 Less: Net markdowns Goods available for sale (excluding beg. Inve 963,200 Goods available for sale (including beg Inve 1,343,200 Cost-to-retail percentage 72.96% 01,240,000 600.000 Less: Net sales Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 1.263.200 80,000