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Campbell Corporation uses the retail method to value its inventory. The following information is available for the year 2021 Retail $305,000 865,000 Merchandise inventory, January 1, 2021 Purchases Freight-in Net markups Net markdowns Net sales Cost $215,000 582,625 9,000 25,000 9,000 825,000 Required: Determine the December 31, 2021, inventory by applying the conventional retail method using the information provided. (Round ram calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%). Enter amounts to be deducted with a minus sign.)

Campbell Corporation uses the retail method to value its inventory. The following information is available for the year 2021 Retail $305,000 865,000 Merchandise inventory, January 1, 2021 Purchases Freight-in Net markups Net markdowns Net sales Cost $215,000 582,625 9,000 25,000 9,000 825,000 Required: Determine the December 31, 2021, inventory by applying the conventional retail method using the information provided. (Round ram calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%). Enter amounts to be deducted with a minus sign.)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Campbell Corporation uses the retail method to value its inventory. The following information is available for the year 2021: Merchandise inventory, January 1, 2021 Purchases Freight-in Net markups Net markdowns Net sales Beginning inventory Purchases Freight-in Net markups Required: Determine the December 31, 2021, inventory by applying the conventional retail method using the information provided. (Round ratic calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%). Enter amounts to be deducted with a minus sign.) Net markdowns Goods available for sale Cost-to-retail percentage $ Cost $215,000 582,625 9,000 Cost 215,000 $ 582,625 9,000 Retail $305,000 865,000 806,625 25,000 9,000 825,000 Retail 305,000 865,000 25,000 1,195,000 (9,000) 1,186,000 Cost to Retail Ratio % A
Transcribed Image Text:Campbell Corporation uses the retail method to value its inventory. The following information is available for the year 2021: Merchandise inventory, January 1, 2021 Purchases Freight-in Net markups Net markdowns Net sales Beginning inventory Purchases Freight-in Net markups Required: Determine the December 31, 2021, inventory by applying the conventional retail method using the information provided. (Round ratic calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%). Enter amounts to be deducted with a minus sign.) Net markdowns Goods available for sale Cost-to-retail percentage $ Cost $215,000 582,625 9,000 Cost 215,000 $ 582,625 9,000 Retail $305,000 865,000 806,625 25,000 9,000 825,000 Retail 305,000 865,000 25,000 1,195,000 (9,000) 1,186,000 Cost to Retail Ratio % A
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.) Beginning inventory Purchases Freight-in Net markups Net markdowns Goods available for sale i Cost-to-retail percentage Net sales Estimated ending inventory at retail Estimated ending inventory at cost S Cost 215,000 $ 582,625 9,000 806,625 $ RULAN 305,000 865,000 25,000 1,195,000 (9,000) 1,186,000 (825,000) 361,000 Costito-Retall fatto
Transcribed Image Text: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.) Beginning inventory Purchases Freight-in Net markups Net markdowns Goods available for sale i Cost-to-retail percentage Net sales Estimated ending inventory at retail Estimated ending inventory at cost S Cost 215,000 $ 582,625 9,000 806,625 $ RULAN 305,000 865,000 25,000 1,195,000 (9,000) 1,186,000 (825,000) 361,000 Costito-Retall fatto
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