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Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2021, the records indicate the following data: ($ in 000s) Cost
Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2021, the records indicate the following data:
($ in 000s) | ||||||
Cost | Retail | |||||
Beginning inventory | $ | 105 | $ | 175 | ||
Purchases | 503 | 875 | ||||
Freight-in on purchases | 20 | |||||
Purchase returns | 1 | 1 | ||||
Net markups | 3 | |||||
Net markdowns | 7 | |||||
Net sales | 750 | |||||
Required: Assuming the price level increased from 1.00 at January 1 to 1.65 at December 31, 2021, use the dollar-value LIFO retail method to approximate cost of ending inventory and cost of goods sold. (Do not round intermediate calculations. Round final answers to the nearest whole dollar. Enter your answers in thousands.)
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