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 $ 220,000 $ 283,000 Purchases 588,000 864,000 Freight-in 11,000 Net markups 23,000 Net markdowns 4,300 Net sales 830,000 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.)

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	$	220,000		$	283,000
Purchases		588,000			864,000
Freight-in		11,000
Net markups					23,000
Net markdowns					4,300
Net sales					830,000

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.)