! Required information Problem 9-9 (Algo) Retail method-average cost and conventional (LO9-3, 9-4] (The following information applies to the questions displayed below.) Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2021, the records indicate the following data: ($ in 000s) Cost Retail Beginning inventory $ 71 $ 116 Purchases 662 997 Freight-in on purchases 21 Purchase returns 2 3 Net markups 5 Net markdowns 9 Net sales 907 Problem 9-9 (Algo) Part 1 Required: 1. Use the retail method to approximate cost of ending inventory valued under Average cost method. (Enter your answer in thousands including 2 decimal places, i.e. 12,550 would be 12.55.) Ending inventory ($ in 000s) Average cost ! Required information Problem 9-9 (Algo) Retail method-average cost and conventional [LO9-3, 9-4] (The following information applies to the questions displayed below.) Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2021, the records indicate the following data: ($ in 000s) Beginning inventory Purchases Freight-in on purchases Purchase returns Net markups Net markdowns Net sales Cost Retail $ 71 $ 116 662 997 21 2 3 5 9 907 Problem 9-9 (Algo) part 2 2. Use the retail method to approximate cost of ending inventory valued under Conventional method. (Enter your answer in thousands including 2 decimal places, i.e. 12,550 would be 12.55) Ending inventory ($ in 000s) Conventional