Campbell Corporation uses the retail method to value its inventory. The following information is available for the year 2018: Retail $283,000 864,000 Cost $220,000 588,000 11,000 Merchandise inventory, January 1, 2018 Purchases Freight-in Net markups Net markdowns Net sales 23,000 4,300 830,000 Required: Determine the December 31, 2018, inventory by applying the conventional retail method. Cost-to-Retail Retail Cost Ratio Beginning inventory Plus: Purchases Freight-in Net markups 0 Less: Net markdowns 0 0 Goods available for sale Cost-to-retail percentage Less: Net sales Estimated ending inventory at retail Estimated ending inventory at cost