Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2018, the...
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Smith-Kline Company maintains inventory records at sellingprices as well as at cost. For 2018, the records indicate thefollowing data:
($ in 000s) Cost Retail Beginning inventory $ 91 $ 130 Purchases 518 905 Freight-in on purchases 23 Purchase returns 1 1 Net markups 3 Net markdowns 7 Net sales 800
Required:
Assuming the price level increased from 1 at January 1 to 1.50 atDecember 31, 2018, use the dollar-value LIFO retail method toapproximate cost of ending inventory and cost of goods sold.(Do not round intermediate calculations. Round finalanswers to the nearest whole dollar. Enter your answers inthousands.)
($ in 000s) Estimated ending inventory atretail Estimated ending inventory at cost Estimated cost of goodssold
Smith-Kline Company maintains inventory records at sellingprices as well as at cost. For 2018, the records indicate thefollowing data:
| ($ in 000s) | ||||||
| Cost | Retail | |||||
| Beginning inventory | $ | 91 | $ | 130 | ||
| Purchases | 518 | 905 | ||||
| Freight-in on purchases | 23 | |||||
| Purchase returns | 1 | 1 | ||||
| Net markups | 3 | |||||
| Net markdowns | 7 | |||||
| Net sales | 800 | |||||
Required:
Assuming the price level increased from 1 at January 1 to 1.50 atDecember 31, 2018, use the dollar-value LIFO retail method toapproximate cost of ending inventory and cost of goods sold.(Do not round intermediate calculations. Round finalanswers to the nearest whole dollar. Enter your answers inthousands.)
|
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