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Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2024,...

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Accounting

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 $ 80 $ 125 Purchases 671 1,006 Freight-in on purchases 30 Purchase returns 1 2 Net markups 4 Net markdowns 8 Net sales 916 2. Use the retail method to approximate cost of ending inventory valued under conventional method.

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