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 $ 87 $ 132 Purchases 678 1,013 Freight-in on purchases 37 Purchase returns Net markups Net markdowns Net sales mo 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) $ 1.45 Average cost