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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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