Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2024, the records indicate the following data:

($ in thousands)CostRetailBeginning inventory$ 85$ 130Purchases6761,011Freight-in on purchases35Purchase returns12Net markups3Net markdowns7Net sales921

Required:

1. Use the retail method to approximate cost of ending inventory valued under average cost method.