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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