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Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2018, the records indicate the following data. ($ in 000s) Cost
Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2018, the records indicate the following data.
($ in 000s)
Cost Retail
Beginning Inventory $112 $160
Purchases $812 $1067
Freight- in on purch. 37
Purchase returns 1 3
Net markups 5
Net markdowns 9
net sales 923
Required: Assuming the price level increased from 1 at January 1 to 1.45 at December 31, 2018, use the dollar-value LIFO retail method to approximate cost of ending inventory at cost and costs of goods sold.
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