This is so hard!
Extracted text: COST Retail Merchandise inventory, January 1, 2021 Purchases $260,000 544,420 10,800 $350,000 910,000 Freight-in Net markups Net markdowns 34,000 18,000 870,000 Net sales Required: Determine the December 31, 2021, inventory by applying the conventional retail method using the information provided. (Round ratio calculation to 2 decimal places (I.e., O.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign.) X Answer is complete but not entirely correct. Cost-to- Cost Retail Retail Ratio Beginning inventory 2$ 260,000 2$ 350,000 Purchases 544,420 910,000 Freight-in 10,800 Net markups 34,000 1,294,000 (18,000) Net markdowns 815,220 1,276,000 Goods available for sale 63.89 X % Cost-to-retail percentage (870,000) Net sales 2$ 406,000 Estimated ending inventory at retail 259,393 Estimated ending inventory at cost
![Exercise 9-14 (Algo) Conventional retail method [LO9-3]<br>Campbell Corporation uses the retail method to value its inventory. The following information is available for the year 2021:<br>Cost<br>Retail<br>Merchandise inventory, January 1, 2021<br>$260,000<br>544,420<br>10,800<br>$350,000<br>910,000<br>Purchases<br>Freight-in<br>Net markups<br>34,000<br>18,000<br>870,000<br>Net markdowns<br>Net sales<br>Required:<br>Determine the December 31, 2021, inventory by applying the conventional retail method using the information provided. (Round ratio<br>calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign.)<br>Answer is complete but not entirely correct.<br>Cost-to-<br>Cost<br>Retail<br>Retail Ratio<br>Beginning inventory<br>$<br>260,000<br>350,000<br>Purchases<br>544,420<br>910,000<br>Freight-in<br>10,800<br>34,000<br>Net markups<br>1,294,000<br>Net markdowns<br>(18,000)<br>Goods available for sale<br>815,220<br>1,276,000<br>63.89 X %<br>Cost-to-retail percentage<br>](https://s3.us-east-1.amazonaws.com/storage.unifolks.com/qimg-008/008_k6juw50-ngvsqx0t.jpeg)
Extracted text: Exercise 9-14 (Algo) Conventional retail method [LO9-3] Campbell Corporation uses the retail method to value its inventory. The following information is available for the year 2021: Cost Retail Merchandise inventory, January 1, 2021 $260,000 544,420 10,800 $350,000 910,000 Purchases Freight-in Net markups 34,000 18,000 870,000 Net markdowns Net sales Required: Determine the December 31, 2021, inventory by applying the conventional retail method using the information provided. (Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign.) Answer is complete but not entirely correct. Cost-to- Cost Retail Retail Ratio Beginning inventory $ 260,000 350,000 Purchases 544,420 910,000 Freight-in 10,800 34,000 Net markups 1,294,000 Net markdowns (18,000) Goods available for sale 815,220 1,276,000 63.89 X % Cost-to-retail percentage