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accounting question Smith-Kline Company maintains inventory records at selling prices as well as at cost For 2021, the records indicate the following date: ($ in

accounting question

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Smith-Kline Company maintains inventory records at selling prices as well as at cost For 2021, the records indicate the following date: ($ in deas ) Cost Retail Beginning inventory $ 99 $165 Purchases 684 Freight-in on purchases 21 Purchase returns 1 3 Net markups 5 Not markdowns Net sales 778 Required: Assuming the price level increased from 1.00 at January 1to 1.60 at December 31, 2021, 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.} Answer is complete but not entirely correct. [s In 0003) Estimated ending inventory at retail 275 Estimated ending inventory at cost 81 x Estimated cost of goods sold 722

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