Campbell Corporation uses the retail method to value its inventory. The following information is available for the year 2021: Cost $370,000 726,000 Retail $298,000 984,000 Merchandise inventory, January 1, 2021 Purchases Freight-in Net markups Net markdowns Net sales 26,000 38,000 5,800 980,000 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 Retail Cost-to-Retail Ratio $ Beginning inventory Purchases Freight-in Net markups 370,000 $ 726,000 26,000 298,000 984,000 38,000 1,320,000 (5,800) 1,314,200 Net markdowns Goods available for sale 1,122,000 Cost-to-retail percentage % Net sales Estimated ending inventory at retail Estimated ending inventory at cost (980,000) 334,200 $