Campbell Corporation uses the retail method to value its inventory. The following information is available for the year 2021: Cost Retail Merchandise inventory, January 1, 2021 $ 300,000 $ 291,000 Purchases 581,000 928,000 Freight-in 19,000 Net markups 31,000 Net markdowns 5,000 Net sales 910,000 Required: Determine the December 31, 2021, inventory by applying the conventional retail method using the information provided. (Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign.)

$242,168.82

Explanation:

Inventory on December 31, 2021

Cost. Retail

Beginning inventory 300,000 291,000

Add: purchases 581,000 928,000

Add: freight in. 19,000

Add: net markups. 31,000

900,000 1,250,000

Less net markdown. 5,000

Goods available for 900,000 1,245,000

Cost to retail %

900,000/1,245,000

0.722891566

Less: net sales. 910,000

Estimated ending 335,000

Estimated ending inventory at cost

335,000 × 0.722891566

242,168.82

The purpose of having a minimum wage is to guarantee that workers are paid fairly and not exploited. Correct B

A minimum wage is the lowest remuneration that employers can legally pay their workers.  Without the minimum wage employers will have no restrictions in paying their workers, and the wage can be so low that it would no be enough for the basic needs.