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Smith Distributors, Inc., supplies ice cream shops with various toppings for making sundaes. On November 17, 2021, a fire resulted in the loss of all

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Smith Distributors, Inc., supplies ice cream shops with various toppings for making sundaes. On November 17, 2021, a fire resulted in the loss of all of the toppings stored in one section of the warehouse. The company must provide its insurance company with an estimate of the amount of inventory lost. The following information is available from the company's accounting records: Inventory, January 1, 2021 Net purchases through Nov. 17 Net sales through Nov. 17 Historical cross profit ratio Fruit Toppings $ 23,000 165,000 215,000 20% Marshmallow Toppines $ 7,300 39,000 58,000 30% Chocolate Toppings $ 3,300 12,300 20,300 35% Required: 1. Calculate the estimated cost of each of the toppings lost in the fire. Estimated cost of lost inventory Toppings Fruit Marshmallow Chocolate 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 goes) Cost Retail Beginning inventory $ 85 $ 130 Purchases 676 1,011 Freight-in on purchases Purchase returns 1 Net markups Net markdowns 7 Net sales 921 35 2 3 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) 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 200s) Cost Retail Beginning inventory $ 35 $ 130 Purchases 676 1,011 Freight-in on purchases 35 Purchase returns 1 2 Net markups 3 Net markdowns 7 Net sales 921 2. Use the retail method to approximate cost of ending inventory valued under Conventional method. (Enter your answer in thousands including 2 decimal places, Le. 12,550 would be 12.55) Ending inventory (5 in 000) Conventional

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