Campbell Corporation uses the retail method to value its inventory. The following information is available for the year 2021: Cost Retail Merchandise inventory, January 1, 2021 $ 260,000 $ 287,000 Purchases 693,000 896,000 Freight-in 15,000 Net markups 27,000 Net markdowns 4,700 Net sales 870,000 Required: Determine the December 31, 2021, inventory by applying the conventional retail method using the information provided.
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