Campbell Corporation uses the retail method to value its inventory. The following information is available for the year 2021: Cost $350,000 692,000 24,000 Merchandise inventory, January 1, 2021 Purchases Freight-in Net markups Net markdowns Net sales Retail $296,000 968,000 36,000 6,000 960,000 Required: Determine the December 31, 2021, inventory by applying the conventional retail method using the information provided. (Round ratio calculation to 2 decimal places (l.e., 0.1234 should be entered as 12.34%). Enter amounts to be deducted with a minus sign.) Cost Retail Cost-to-Retail Ratio $ $ Beginning inventory Purchases Freight-in Net markups 350,000 692,000 24,000 296,000 968,000 Net markdowns Goods available for sale 36,000 1,300,000 (6,000) 1,294,000 1,066,000 Cost-to-retail percentage % Net sales Estimated ending inventory at retail Estimated ending inventory at cost (960,000) 334,000 $