Question: Campbell Corporation uses the retail method to value its inventory. The following information is available for the year 2018: Required: Determine the December 31, 2018,

Campbell Corporation uses the retail method to value its inventory. The following information is available for the year 2018:

Required:
Determine the December 31, 2018, inventory that approximates average cost.

Cost $190,000 600,000 Retail $280,000 Merchandise inventory, January 1, 2018 Purchases Freight-in Net markups Net markdowns Net sales 8000 840000 20,000 4,000 800,000

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