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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 | $ | 75 | $ | 120 | ||
Purchases | 666 | 1,001 | ||||
Freight-in on purchases | 25 | |||||
Purchase returns | 1 | 2 | ||||
Net markups | 4 | |||||
Net markdowns | 8 | |||||
Net sales | 911 | |||||
Required: Use the retail method to approximate cost of ending inventory in each of the following ways: (Enter your answers in thousands. Round your cost-to-retail percentage calculation and final answers to 2 decimal places.)
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