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Campbell Corporation uses the retail method to value its inventory. The following information is available for the year 2016: CostRetailMerchandise inventory, January 1, 2016$390,000$320,000Purchases587,000980,000Freight-in28,000Net markups40,000Net

Campbell Corporation uses the retail method to value its inventory. The following information is available for the year 2016:

CostRetailMerchandise inventory, January 1, 2016$390,000$320,000Purchases587,000980,000Freight-in28,000Net markups40,000Net markdowns6,000Net sales1,000,000

Required:Determine the December 31, 2016, inventory that approximates average cost, lower of cost and net realizable value.

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