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Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2018,...

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Accounting

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 $ 71 $ 116
Purchases 662 997
Freight-in on purchases 21
Purchase returns 2 3
Net markups 5
Net markdowns 9
Net sales 907

Required: Use the retail method to approximate cost of ending inventory in each of the following ways: Average Cost and Convetional (Enter your answers in thousands. Round your cost-to-retail percentage calculation and final answers to 2 decimal places.)

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