19 Saved Help Save Ch Exercise 9-14 (Algo) Conventional retail method [LO9-3] Campbell Corporation uses the retail method to value its inventory. The following information is available for the year 2021: Cost Retail Merchandise inventory, January 1, 2021 $230, 000 $320, 000 Purchases Book 570, 880 880, 000 Freight-in 9, 600 Net markups Hint 28, 000 Net markdowns 12, 000 Net sales 840, 000 ferences Required: Determine the December 31, 2021, inventory by applying the conventional retail method using the information provided. (Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign.) Cost Retail Cost-to-Retail Ratio Beginning inventory $ 230,000 $ 320,000 Purchases 570,880 880,000 Freight-in 9,600 Net markups 28,000 1,228,000 + Net markdowns (12,000) Gnole available for cale 810 480 1 216 non Mc Graw