Campbell Corporation uses the retail method to value its inventory. The following information is available...
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Campbell Corporation uses the retail method to value its inventory. The following information is available for the year 2018 Cost Retail Merchandise inventory, January 1, 2018 Purchases Freight-in Net markups Net markdowns Net sales $330,000 $294,000 608,000 952,000 22,000 34,000 5, 400 940,000 Required Determine the December 31, 2018, inventory by applying the conventional retail method Answer is not complete. Cost-to- Retail Ratio Cost Retail $ 330,000 $ 294,000 Beginning inventory Plus: Purchases 608,000 952,000 22,000 Freight-in Net markups 34,000? 1,280,000 5,400 1,274,600 Less: Net markdowns Goods available for sale 960,000 Cost-to-retail percentage 75% ? 940,000 Less: Net sales Estimated ending inventory at retail Estimated ending inventory at cost
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