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Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2024, the records indicate the following data: ($ in 000s) Cost
Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2024, the records indicate the following data:
($ in 000s) | ||
---|---|---|
Cost | Retail | |
Beginning inventory | $ 99 | $ 165 |
Purchases | 605 | 1,075 |
Freight-in on purchases | 38 | |
Purchase returns | 1 | 1 |
Net markups | 3 | |
Net markdowns | 7 | |
Net sales | 924 |
Required:
Assuming the price level increased from 1.00 at January 1 to 1.50 at December 31, 2024, use the dollar-value LIFO retail method to approximate cost of ending inventory and cost of goods sold.
Note: Round your intermediate and final answers to the nearest whole dollar. Enter your answers in thousands.
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