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Determine the december inventory

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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.

Reference no: EM131797774

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