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Campbell corporation uses the retail method to value its

Question - Campbell Corporation uses the retail method to value its inventory. The following information is available for the year 2011:

	Cost	Retail
Merchandise inventory, January 1, 2011	$190,000	$280,000
Purchases	600,000	840,000
Freight-in	8,000
Net markups		20,000
Netmarkdowns		4,000
Net sales		800,000

Required: Determine the December 31, 2011, inventory that approximates average cost, lower of cost or market.

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