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 $240,000 $285,000 Purchases 699,000 880,000 Freight-in 13,000 Net markups 25,000 Net markdowns 4,500 Net sales 850,000 Required: Determine the December 31, 2021, inventory by applying the conventional retail method using the information provided. (Round ratio calculation to 2 decimal places (.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign.) Cost Retail Cost-to-Retail Ratio $ Beginning inventory Purchases Freight-in Net markups 240,000 $ 699,000 13,000 285,000 880,000 25,000 1,190,000 (4,500) 1,185,500 Net markdowns Goods available for sale 952,000 Cost-to-retail percentage % Net sales Estimated ending inventory at retail Estimated ending inventory at cost (850,000) 335,500 $