Seved Campbell Corporation uses the retail method to value its inventory. Ihe tollowing intormation is available tor the year 2018 Cost $350,000 Retail $296,08e 968,000 Merchandise inventory, January 1, 2018 Purchases 692,000 Freight-in Net markups Net markdowns Net sales 24,e00 36,000 6,000 960,e00 Required: Determine the December 31, 2018, inventory by applying the conventional retail method. Cost to-Retail Ratio Cost Retail 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 Next> 2 of 16