Required:Determine the December 31, 2021, inventory by applying the conventional retail method using the information provided. (Round ratiocalculation to 2 decimal places (l.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign.)Cost-to-RetailRatioCostRetailBeginning inventory230,000 S320.000Purchases570,880880 000Freight-in9,600Net markups28.0001,228,000Net markdowns(12,000)Goods available for sale810,4801,216,000Cost-to-retail percentageNet sales(840,000)376,000Estimated ending inventory at retalEstimated ending inventory at cost 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$230, 000 $320, 000570,8809,600RetailMerchandise Inventory, January 1, 2021PurchasesFreight-inNet narkupsNet markdownsNet sales880, 00028,00012,000840, 000Required:Determine the December 31, 2021, inventory by applying the conventional retail method using the information provided. (Round ratiocalculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign.)

Name: Required:Determine the December 31, 2021, inventory by applying the c
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Description: Required:Determine the December 31, 2021, inventory by applying the conventional retail method using the information provided. (Round ratiocalculation to 2 decimal places (l.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with

Solution Inventory is a item or good which is held by a business for sale to earn a profit.

Business

Accounting

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 $230, 000 $320, 000 570,880 9,600 Retail Merchandise inventory, January 1, 2021 Purchases Freight-in Net narkups Net markdowns Net sales 880, 000 28,000 12,000 840, 000 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.)

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 $230, 000 $320, 000 570,880 9,600 Retail Merchandise inventory, January 1, 2021 Purchases Freight-in Net narkups Net markdowns Net sales 880, 000 28,000 12,000 840, 000 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.)

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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