Campbell Corporation uses the retail method to value its inventory. The following information is available for the year 2021: Cost $330,000 608,000 22,000 Retail $294,000 952,000 Merchandise inventory, January 1, 2021 Purchases Freight-in Net markups Net markdowns Net sales 34,000 5,400 940,000 Required: Determine the December 31, 2021, inventory by applying the conventional retail method using the information provided. 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