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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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