Campbell Corporation uses the retail method to value its inventory. The following information is available for the year 2013:
| Cost | Retail | |||||
| Merchandise inventory, January 1, 2013 | $ | 190,000 | $ | 280,000 | ||
| Purchases | 600,000 | 840,000 | ||||
| Freight-in | 8,000 | |||||
| Net markups | 20,000 | |||||
| Net markdowns | 4,000 | |||||
| Net sales | 800,000 | |||||
| | ||||||
| Required: | |||||
|
Determine the December 31, 2013, inventory that approximates average cost, lower of cost or market.
Explanation:
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