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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,
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 | $ | 250,000 | $ | 340,000 | ||
Purchases | 553,680 | 900,000 | ||||
Freight-in | 10,400 | |||||
Net markups | 32,000 | |||||
Net markdowns | 16,000 | |||||
Net sales | 860,000 | |||||
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.)
January 1 | $ | 760,000 | |
March 31 | 1,360,000 | ||
June 30 | 992,000 | ||
September 30 | 760,000 | ||
December 31 | 560,000 | ||
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