Campbell Corporation uses the retail method to value its inventory. The following information is available for the year 2018: Cost Retail Merchandise inventory, January 1, 2018 $ 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, 2018, inventory by applying the conventional retail method.

On january 1, vermont corporation had 40,000 shares of $10 par value common stock issued and outstanding. all 40,000 shares has been issued in a prior period at $20.00 per share. on february 1, vermont purchased 3,750 shares of treasury stock for $24 per share and later sold the treasury shares for $21 per share on march 1. the journal entry to record the purchase of the treasury shares on february 1 would include a credit to treasury stock for $90,000 debit to treasury stock for $90,000 credit to a gain account for $112,500 debit to a loss account for $112,500