Campbell Corporation uses the retail method to value its inventory

Campbell Corporation uses the retail method to value its inventory. The following information is available for the year 2016:

CostRetail  Merchandise inventory, January 1, 2016$390,000 $320,000   Purchases 587,000  980,000   Freight-in 28,000      Net markups    40,000   Net markdowns    6,000   Net sales    1,000,000

Required: Determine the December 31, 2016, inventory that approximates average cost, lower of cost and net realizable value.

Here’s the SOLUTION

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