Campbell Corporation uses the retail method to value its inventory. The following information is available for the year 2018:

	Cost			Retail
Merchandise inventory, January 1, 2018	$	310,000		$	292,000
Purchases		741,000			936,000
Freight-in		20,000
Net markups					32,000
Net markdowns					5,200
Net sales					920,000

Required: Determine the December 31, 2018, inventory by applying the conventional retail method.