Exercise 9-14 (Algo) Conventional retail method [LO9-3] Campbell Corporation uses the retail method to value its inventory. The following information is available for the year 2021: Cost $270,000 629,000 16,000 Retail $288,000 904,000 Merchandise inventory, January 1, 2021 Purchases Freight-in Net markups Net markdowns Net sales 28,000 4,800 880,000 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 270,000 $ 629,000 16,000 288,000 904,000 Freight-in Net markups 28,000 1,220,000 (4,800) 1,215,200 Net markdowns Goods available for sale Cost-to-retail percentage % Net sales (880,000) 335,200 $ Estimated ending inventory at retail Estimated ending inventory at cost