9-10 (Algo) Dollar-value LIFO retail method [LO9-5] Smith-Kline Company maintains inventory records at selling prices...
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9-10 (Algo) Dollar-value LIFO retail method [LO9-5] 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 $ 99 $ 165 Purchases 684 887 Freight-in on purchases 21 Purchase returns 1 3 Net markups 5 Net markdowns 9 Net sales 770 Required: Assuming the price level increased from 1.00 at January 1 to 1.60 at December 31, 2024, use the dollar-value LIFO retail method to approximate cost of ending inventory and cost of goods sold. Note: Round your intermediate and final answers to the nearest whole dollar. Enter your answers in thousands
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