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Required information Skip to question [The following information applies to the questions displayed below.] Smith-Kline Company maintains inventory records at selling prices as well as

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[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 $ 87 $ 132
Purchases 678 1,013
Freight-in on purchases 37
Purchase returns 2 3
Net markups 5
Net markdowns 9
Net sales 923

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)

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