Campbell Corporation uses the retail method to value its inventory. The following information is available for the year 2021: Cost $360,000 663,000 25,000 Retail $297,000 976,000 Merchandise inventory, January 1, 2021 Purchases Freight-in Net markups Net markdowns Net sales 37,000 5,700 970,000 Required: Determine the December 31, 2021, inventory by applying the conventional retail method using the information provided. Answer is not complete. Cost-to- Retail Ratio $ Beginning inventory Plus: Purchases Freight-in Net markups Cost 360,000 663,000 25,000 Retail 297,000 976,000 37,000 5,700 1,315,700 Less: Net markdowns Goods available for sale 1,048,000 1,315,700 Cost-to-retail percentage 80 % Less: Net sales Estimated ending inventory at retail Estimated ending inventory at cost 970,000 345,700 $ 276,560