Problem 9 - 10 (Algo) Dollar - value LIFO retail method [LO9 - 5] Smith - Kline Company maintains inventory records at selling prices as well as at cost. For 2024, the records indicate the following data: ($ in 000s) Cost Retail Beginning inventory $ 112 $ 160 Purchases 812 1,067 Freight - in on purchases 37 Purchase returns 13 Net markups 5 Net markdowns 9 Net sales 923 Required: Assuming the price level increased from 1.00 at January 1 to 1.45 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.

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Problem 9 - 10 (Algo) Dollar - value LIFO retail method [LO9 - 5] Smith - Kline Company
maintains inventory records at selling prices as well as at cost. For 2024, the records
indicate the following data: ($ in 000s) Cost Retail Beginning inventory $ 112 $ 160
Purchases 812 1,067 Freight-in on purchases 37 Purchase returns 13 Net markups 5 Net
markdowns 9 Net sales 923 Required: Assuming the price level increased from 1.00 at
January 1 to 1.45 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.
Transcribed Image Text:Problem 9 - 10 (Algo) Dollar - value LIFO retail method [LO9 - 5] Smith - Kline Company maintains inventory records at selling prices as well as at cost. For 2024, the records indicate the following data: ($ in 000s) Cost Retail Beginning inventory $ 112 $ 160 Purchases 812 1,067 Freight-in on purchases 37 Purchase returns 13 Net markups 5 Net markdowns 9 Net sales 923 Required: Assuming the price level increased from 1.00 at January 1 to 1.45 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.
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