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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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