Campbell Corporation uses the retail method to value its inventory. The following information is available for the year 2021: Retail $350,000 910,000 Cost Merchandise inventory, January 1, 2021 Purchases Freight-in Net markups Net markdowns $260,000 544,420 10,800 34,000 18,000 870,000 Net sales Required: Determine the December 31, 2021, inventory by applying the conventional retail method using the information provided. (Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign.) Cost-to- Retail Ratio Cost Retail 2$ 260,000 350,000 Beginning inventory 544,420 910,000 Purchases 10,800 Freight-in 34,000 Net markups 1,294,000 (18,000) Net markdowns 815,220 1,276,000 Goods available for sale 74.29 X % Cost-to-retail percentage (870,000) Net sales 406,000 Estimated ending inventory at retail Estimated ending inventory at cost 301,617 X

Campbell Corporation uses the retail method to value its inventory. The following information is available for the year 2021: Retail $350,000 910,000 Cost Merchandise inventory, January 1, 2021 Purchases Freight-in Net markups Net markdowns $260,000 544,420 10,800 34,000 18,000 870,000 Net sales Required: Determine the December 31, 2021, inventory by applying the conventional retail method using the information provided. (Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign.) Cost-to- Retail Ratio Cost Retail 2$ 260,000 350,000 Beginning inventory 544,420 910,000 Purchases 10,800 Freight-in 34,000 Net markups 1,294,000 (18,000) Net markdowns 815,220 1,276,000 Goods available for sale 74.29 X % Cost-to-retail percentage (870,000) Net sales 406,000 Estimated ending inventory at retail Estimated ending inventory at cost 301,617 X

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Description: This window shows your responses and what was marked correct and incorrect from your previous attempt.Exercise 9-14 (Algo) Conventional retail method [LO9-3]Campbell Corporation uses the retail method to value its inventory. The following informatio

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 37BE: Lower of Cost or Market Garcia Company uses FIFO, and its inventory at the end of the year was...

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