Campbell Corporation uses the retail method to value its inventory. The following information is available for the year 2021: Merchandise inventory, January 1, 2021 Purchases Freight-in Net markups Net markdowns Net sales Cost Retail $220,000 $283,000 588,000 11,000 864,000 23,000 4,300 830,000 Required: Determine the December 31, 2021, inventory by applying the conventional retail method using the information provided. 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 Cost Retail Cost-to-Retail Ratio %