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.)

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Chapter1: Financial Statements And Business Decisions
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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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