Campbell Corporation uses the retail method to value its inventory. The following information is available for the year 2018: Cost $ 240,000 699,000 13,000 Retail $285,000 880,000 Merchandise inventory, January 1, 2018 Purchases Freight-in Net markups Net markdowns Net sales 25,000 4,500 850,000 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 Less: Net markdowns Goods available for sale Cost-to-retail percentage Less: Net sales Estimated ending inventory at retail Estimated ending inventory at cost