(Answered) Question - campbell corporation uses the retail method to

Accounting

Question - 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.

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