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Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2024, the records indicate the following data: ($ in thousands) Cost

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

($ in thousands)
Cost Retail
Beginning inventory $ 70 $ 115
Purchases 661 996
Freight-in on purchases 20
Purchase returns 1 2
Net markups 3
Net markdowns 7
Net sales 906

2. Use the retail method to approximate cost of ending inventory valued under conventional method.

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