Campbell Corporation uses the retail method to value its inventory. The following information is available for the year 2021: Cost Retail Merchandise inventory, January 1, 2021 $340,000 $295,000 Purchases 669,000 960,000 Freight-in 23,800 Net markups 35,000 Net markdowns 5,500 Net sales 950,000 Required: Determine the December 31, 2021, inventory by applying the conventional retail method using the information provided. (Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign.) Cost-to-Retail Ratio $ $ Beginning inventory Purchases Freight-in Cost 340,000 669,000 23,000 Retail 295,000 960,000 Net markups 35,000 1,290,000 (5,500) 1,284,500 Net markdowns Goods available for sale 1,032,000 Cost-to-retail percentage % Net sales Estimated ending inventory at retail Estimated ending inventory at cost (950,000) 334,500 $