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 $200,000 711,000 9,000 Retail $281,000 848,000 Merchandise inventory, January 1, 2021 Purchases Freight-in Net markups Net markdowns Net sales 21,000 4,100 810,000 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 $ $ 281,000 Beginning inventory Purchases Freight-in Net markups 200,000 711,000 9,000 848,000 21,000 Net markdowns 0 1,150,000 (4,100) 1,145,900 Goods available for sale 920,000 Cost-to-retail percentage 79.22 % Net sales (810,000) 335,900 $ Estimated ending inventory at retail Estimated ending inventory at cost 266,091