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 $ 102 $ 170 Purchases 718 1,086 Freight-in on purchases 39 Purchase returns 1 2 Net markups 4 Net markdowns 8 Net sales 925 Required: Assuming the price level increased from 1 at January 1 to 1.55 at December 31, 2018, use the dollar-value LIFO retail method to approximate cost of ending inventory and cost of goods sold. It is asking for the Estimated ending inventory at retail, estimated ending inventory as cost, and estimated cost of goods. I really do not understand. Please help.