Question
Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2016, the records indicate the following data: ($ in 000s) Cost
Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2016, the records indicate the following data: ($ in 000s) Cost Retail Beginning inventory $ 77 $ 122 Purchases 668 1,003 Freight-in on purchases 27 Purchase returns 2 3 Net markups 5 Net markdowns 9 Net sales 913 Required: Use the retail method to approximate cost of ending inventory in each of the following ways: Average Cost and Conventional (Enter your answers in thousands. Round your intermediate calculations to 4 decimal places and final answers to 2 decimal places.)
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