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: Retail Cost Merchandise inventory, January 1, 2018 Purchases Freight-in Net markups Net markdowns Net sales 33e,eee $294,ee0 688,e00 952,e0 22,000 34,000 5,400 940,000 Required: Determine the December 31, 2018, inventory by applying the conventional retail method. Retail Cost-to-Retail Cost Ratio Beginning inventory Plus: Purchases Freight-in Net markups Less: Net markdowns Goods available for sale Cost-to-retail percentage Less: Net sales Estimated ending inventory at retail Estimated ending inventory at cost
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