1. Required:

Use the retail method to approximate cost of ending inventory in each of the following ways: (Enter your answers in thousands. Round your cost-to-retail percentage calculation and final answers to 2 decimal places.)

2. Required:

Assuming the price level increased from 1.00 at January 1 to 1.10 at December 31, 2018, use the dollar-value LIFO retail method to approximate cost of ending inventory and cost of goods sold. (Do not round intermediate calculations. Round final answers to the nearest whole dollar. Enter your answers in thousands.)

*my answers were incorrect

Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2018, the records indicate the following data: in 000s) Cost Retail $78 123 669 1,004 Beginning inventory Purchases Freight-in on purchases Purchase returns Net markups Net markdowns Net sales 28 914 Required: Use the retail method to approximate cost of ending inventory in each of the following ways: (Enter your answers in thousands. Round your cost-to-retail percentage calculation and final answers to 2 decimal places.) Ending in 000s S 142,924.00 S 141,911.00 1. Average cost