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Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2016,...

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Accounting

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Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2016, the records indicate the following data: Required: Assuming the price level increased from 1 on January 1 to 1.85 at December 31, 2016, use the dollar-value LIFO retail method to approximate cost of ending inventory and cost of goods sold. (Enter your answers in thousands.)

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