Please do not give solution in image format thanku Required: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.)Beginning inventoryPurchasesFreight-inNet markupsNet markdownsGoods available for saleCost-to-retail percentageNet salesEstimated ending inventory at retailEstimated ending inventory at cost$Cost230,000 $584,00012.000826,000$Retail284,000872,00024,0001,180,000(4,400)1,175,600(840,000)335,600Cost-to-RetailRatio% 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:Merchandise inventory, January 1, 2021PurchasesFreight-inNet markupsNet markdownsNet salesCost$230,000584,00012,000Retail$284,000872,00024,0004,400840,000Required: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.)

The ending inventory comprises the cost of goods that are not sold yet. The cost to retail ratio is…

Required: Determine the December 31, 2021, inventory by applying the conventional retail method using the information provided. (Round rat 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 $ Cost 230,000 $ 584,000 12,000 826,000 Retail 284,000 872,000 24,000 1,180,000 (4,400) 1,175,600 Cost-to-Retail Ratio

Required: Determine the December 31, 2021, inventory by applying the conventional retail method using the information provided. (Round rat 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 $ Cost 230,000 $ 584,000 12,000 826,000 Retail 284,000 872,000 24,000 1,180,000 (4,400) 1,175,600 Cost-to-Retail Ratio

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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