Please Do not Give image format Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2024, the records indicate the following data: Beginning inventory Purchases Freight-in on purchases Purchase returns Net markups Net markdowns Net sales ($ in 0005) Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold Cost $ 77 682 33 1 Retail $ 140 1,026 Required: Assuming the price level increased from 1.00 at January 1 to 1.25 at December 31, 2024, use the dollar-value LIFO retail method to approximate cost of ending inventory and cost of goods sold. Note: Round your intermediate and final answers to the nearest whole dollar. Enter your answers in thousands. ($ in 000s) 2 4 8 919 Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2024, the records indicate the following data:(5 in 000s)Beginning inventoryPurchasesFreight-in on purchasesPurchase returnsNet markupsNet markdownsNet salesCost$ 27682331Estimated ending inventory at retalEstimated ending inventory at castEstimated cost of goods soldRetail$ 1401,026Required:Assuming the price level increased from 1.00 at January 1 to 1.25 at December 31, 2024, use the dollar-value LIFO retail method toapproximate cost of ending inventory and cost of goods sold.Note: Round your intermediate and final answers to the nearest whole dollar. Enter your answers in thousands.(5 in 000)240919

Last in first out is a method used for calculating the value of inventory at the closure of the…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Please Do not Give image format Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2024, the records indicate the following data: Beginning inventory Purchases Freight-in on purchases Purchase returns Net markups Net markdowns Net sales ($ in 0005) Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold Cost $ 77 682 33 1 Retail $ 140 1,026 Required: Assuming the price level increased from 1.00 at January 1 to 1.25 at December 31, 2024, use the dollar-value LIFO retail method to approximate cost of ending inventory and cost of goods sold. Note: Round your intermediate and final answers to the nearest whole dollar. Enter your answers in thousands. ($ in 000s) 2 4 8 919

Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2024, the records indicate the following data:
(5 in 000s)
Beginning inventory
Purchases
Freight-in on purchases
Purchase returns
Net markups
Net markdowns
Net sales
Cost
$ 27
682
33
1
Estimated ending inventory at retal
Estimated ending inventory at cast
Estimated cost of goods sold
Retail
$ 140
1,026
Required:
Assuming the price level increased from 1.00 at January 1 to 1.25 at December 31, 2024, use the dollar-value LIFO retail method to
approximate cost of ending inventory and cost of goods sold.
Note: Round your intermediate and final answers to the nearest whole dollar. Enter your answers in thousands.
(5 in 000)
2
4
0
919

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