Exercise 9-14 Conventional retail method [LO9-4] Campbell Corporation uses the retail method to value its inventory. The following information is available for the year 2018 Cost Retail Merchandise inventory, January 1, 2018 Purchases Freight-in Net markups Net markdowns Net sales $300,000 $291,000 581,000 928, 000 19,000 31,000 5,000 910,000 Required Determine the December 31, 2018, inventory by applying the conventional retail method. st-to-Retail Cost Retail Ratio Beginning inventory Plus: Purchases Freight-in Net markups Less: Net markdowns Goods available for sale Cost-to-retail percentage Less: Net sales Estimated ending inventory at retail Estimated ending inventory at cost