Campbell Corporation uses the retail method to value its inventory. The following information is available for the year 2021:                                                                        Cost                                 RetailMerchandise inventory, January 1, 2021     $190,000                        $280,000Purchases                                                       600,000                         840,000Freight-in                                                           8,000Net markups                                                                                          20,000Net markdowns                                                                                       4,000Net sales                                                                                              800,000 Required:Determine the December 31, 2021, inventory by applying the conventional retail method using the information provided.

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.