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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
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 00s) Cost Retail Beginning inventory $ 74 $ Purchases 1,000 Freight-in on purchases Purchase returns Net markups Net markdowns Net sales 910 119 665 24 2 3 5 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 ($ in 000s) Conventional
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