Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2024, the records
Question:
Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2024, the records indicate the following data:
Required:
Assuming the price level increased from 1.00 at January 1 to 1.10 at December 31, 2024, use the dollar-value LIFO retail method to approximate cost of ending inventory and cost of goods sold.
Transcribed Image Text:
Beginning inventory Purchases Freight-in on purchases Purchase returns Net markups Net markdowns Net sales ($ in thousands) Cost $80 671 30 1 Retail $ 125 1,006 2 4 8 916
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