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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 $235,000 $325,000 Purchases 566,745 885,000 Freight-in 9,800 Net markups Net markdowns Net sales 29,000 13,000 845,000 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.) Required: Determine the December 31, 2021, inventory by applying the conventional retail method using the information provided. (Round ratio calculation to 2 decimal places (.e., 0.1234 should be entered as 12.34%. ). Enter amounts to be deducted with a minus sign.) Cost Retall Cost-to-Retail Ratio 235,000 $ Beginning inventory Purchases 566,745 9,800 Freight-in Net markups 811,545 Net markdowns Goods available for sale Cost-to-retail percentage Net sales Estimated ending inventory at retail Estimated ending inventory at cost S $ 325,000 885,000 29,000 1,239,000 (13,000) 1,226,000 (845,000) 381,000 %
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