Problem 3: 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$190,000 $280,000 Purchases Freight-in Net markups Net markdowns Net sales 600,000 840,000 8,000 20,000 4,000 800,000 Required: Determine the December 31, 2018, inventory by applying the conventional retail method