Campbell Corporation uses the retail method to value its inventory. The following information is available for the year 2021: Cost $280,000 644,734 11,600 Retail $370,000 930,000 Merchandise inventory, January 1, 2021 Purchases Freight-in Net markups Net markdowns Net sales 38,000 22,000 890,000 Required: Determine the December 31, 2021, inve tory 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 $ Cost 280,000 $ 644,734 11,600 Retail 370.000 930,000 Beginning inventory Purchases Freight-in Net markups 38,000 1,338,000 (22,000) 1,316,000 Net markdowns Goods available for sale 936,334 Cost-to-retail percentage % de Net sales Estimated ending inventory at retail Estimated ending inventory at cost (890,000) 426,000 $