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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: Merchandise inventory, January 1, 2018 Purchases Freight-in Net markups Net markdowns Net sales Cost Retail $290,000 $290,000 622,000 920,000 18,888 30,000 5,888 900,000 Required: Determine the December 31, 2018, inventory by applying the conventional retail method. Cost Retail Cost-to-Retail Ratio Beginning inventory Plus: Purchases Freight-in Net markups 0 Less: Net markdowns Goods available for sale 0 0 Cost-to-retail percentage Less: Net sales Estimated ending inventory at retail Estimated ending inventory at cost

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