Campbell Corporation uses the retail method to value its inventory. The following information is available for the year 2018: Cost $ 370,000 726,000 26,000 Retail $ 298,000 984,000 Merchandise inventory, January 1, 2018 Purchases Freight-in Net markups Net markdowns Net sales 38,000 5,800 980,000 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