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