omith-Kline Company maintains inventory records at selling prices as well as at cost. For 2021, the records indicate the following data: ($ in 000s) Cost Retai1 $ 60 $100 Beginning inventory Purchases 533 935 Freight-in on purchases Purchase returns 26 1 1 Net markups Net markdowns Net sales 812 Required: Assuming the price level increased from 1.00 at January 1 to 1.80 at December 31, 2021, use the dollar-value LIFO retail method to approximate cost of ending inventory and cost of goods sold. (Do not round intermediate calculations. Round final answers to the nearest whole dollar. Enter your answers in thousands.) ($ in 000s) Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold
omith-Kline Company maintains inventory records at selling prices as well as at cost. For 2021, the records indicate the following data: ($ in 000s) Cost Retai1 $ 60 $100 Beginning inventory Purchases 533 935 Freight-in on purchases Purchase returns 26 1 1 Net markups Net markdowns Net sales 812 Required: Assuming the price level increased from 1.00 at January 1 to 1.80 at December 31, 2021, use the dollar-value LIFO retail method to approximate cost of ending inventory and cost of goods sold. (Do not round intermediate calculations. Round final answers to the nearest whole dollar. Enter your answers in thousands.) ($ in 000s) Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text: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 Retai1
$ 60 $100
Beginning inventory
Purchases
Freight-in on purchases
Purchase returns
Net markups
Net markdowns
Net sales
533
935
26
1
3
7
812
Required:
Assuming the price level increased from 1.00 at January 1 to 1.80 at December 31, 2021, use the dollar-value LIFO retail method to
approximate cost of ending inventory and cost of goods sold. (Do not round intermediate calculations. Round final answers to the
nearest whole dollar. Enter your answers in thousands.)
($ in 000s)
Estimated ending inventory at retail
Estimated ending inventory at cost
Estimated cost of goods sold
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