Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2024, the records
Fantastic news! We've Found the answer you've been seeking!
Question:
Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2024, the records indicate the following data:
($ in 000s) | ||
---|---|---|
Cost | Retail | |
Beginning inventory | $ 90 | $ 150 |
Purchases | 590 | 1,045 |
Freight-in on purchases | 35 | |
Purchase returns | 1 | 1 |
Net markups | 3 | |
Net markdowns | 7 | |
Net sales | 921 |
Required:
Assuming the price level increased from 1.00 at January 1 to 1.35 at December 31, 2024, use the dollar-value LIFO retail method to approximate cost of ending inventory and cost of goods sold.
Related Book For
Intermediate Accounting
ISBN: 9781259722660
9th Edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
Posted Date: