Campbell Corporation uses the retail method to value its inventory. The following information is available for the year 2018: Merchandise inventory, January 1, 2018 Purchases Freight-in Net markups Net markdowns Net sales Beginning inventory Plus: Purchases Freight-in Net markups Less: Net markdowns Goods available for sale Cost-to-retail percentage Required: Determine the December 31, 2018, inventory by applying the conventional retail method. Less: Net sales Estimated ending inventory at retail Estimated ending inventory at cost S Cost $330,000 Cost 608,000 22,000 Answer is not complete. 960,000 Retail 330,000 $ 294,000✔ 608,000✔ 952,000✔ 22,000✔ 34,000✔ 1,280,000 5,400✔ 1,274,600 Retail $294,000 952,000 940,000✔ 34,000 5,400 940,000 Cost-to- Retail Ratio 75% ✓

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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.