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please help not sure where I am going wrong as I could swear I was doing this correctly Campbell Corporation uses the retail method to
please help not sure where I am going wrong as I could swear I was doing this correctly
Campbell Corporation uses the retail method to value its inventory. The following information is available for the year 2021: Cost $195,000 596,745 8,280 Retail $285, Bee 845,800 Merchandise inventory, January 1, 2021 Purchases Freight-in Net markups Net markdowns Net sales 21,000 5,000 885, Bee Required: Determine the December 31, 2021, inventory by applying the conventional retail method using the information provided. (Round rotlo calculation to 2 decimal places (.e., 0.1234 should be entered os 12.34%.). Enter amounts to be deducted with a minus slgn.) Answer is complete but not entirely correct. Cost Retail Cost-to- Retail Ratio Is 195.000 S Beginning inventory Purchases 285.000 845,000 590,745 8.200 Freight-in Net markups 21.000 Net markdowns Goods available for sale 1,151,000 (5,000) 1,146,000 790.045 70.00 $ % Cost-to-retail percentage Net sales Estimated ending inventory at retail Estimated ending inventory at cost (805,000) 341,000 S 238.700 X
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