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how would i do this? Campbell Corporation uses the retail method to value its inventory. The following information is available for the year 2021 4
how would i do this? Campbell Corporation uses the retail method to value its inventory. The following information is available for the year 2021 4 Merchandise inventory, January 1, 2021 Purchases Freight-in Net markups Net markdowns Net sales Cost Retail $250,000 $340,000 629,476 900,000 10,400 32,000 16,000 360,000 Skipped BOOK Required: Determine the December 31, 2021, inventory by applying the conventional retail method using the information provided. (Round ratio calculation to 2 decimal places (.e. 0.1234 should be entered as 12.34%). Enter amounts to be deducted with a minus sign.) References Cost Cost-to-Retall Ratio $ Retail 340,000 900,000 Beginning inventory Purchases Freight-in Not markups 250,000 $ 629.476 10,400 32,000 1,272,000 (16,000) 1.250,000 Net markdowns Goods available for sale 889.876 Cost to retail percentage Net sales Estimated ending inventory at retal Estimated ending inventory at cost (860,000) 395,000 $
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