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Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2021,...

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Accounting

Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2021, the records indicate the following data:

($ in 000s)
Cost Retail
Beginning inventory $ 83 $ 128
Purchases 674 1,009
Freight-in on purchases 33
Purchase returns 1 2
Net markups 4
Net markdowns 8
Net sales 919

Required: 1. Use the retail method to approximate cost of ending inventory valued under Average cost method. (Enter your answer in thousands including 2 decimal places, i.e. 12,550 would be 12.55.)

2. Use the retail method to approximate cost of ending inventory valued under Conventional method. (Enter your answer in thousands including 2 decimal places, i.e. 12,550 would be 12.55)

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Ending inventory ($ in 000s) Average cost Ending inventory ($ in 000s) Conventional

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