Required information [The following information applies to the questions displayed below.] 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 Average cost ($ in thousands) Cost $ 79 670 29 Ending inventory ($ in 000s) 2 Retail $124 1,005 Required: 1. Use the retail method to approximate cost of ending inventory valued under average cost method. Note: Enter your answer in thousands including 2 decimal places, i.e. 12,550 would be 12.55. 3 3 7 915
Required information [The following information applies to the questions displayed below.] Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2024, the records indicate the following data: Beginning inventory Purchases Freight-in on purchases Purchase returns Net markups Net markdowns Net sales Average cost ($ in thousands) Cost $ 79 670 29 Ending inventory ($ in 000s) 2 Retail $124 1,005 Required: 1. Use the retail method to approximate cost of ending inventory valued under average cost method. Note: Enter your answer in thousands including 2 decimal places, i.e. 12,550 would be 12.55. 3 3 7 915
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Topic Video
Question
7
![Required information
[The following information applies to the questions displayed below.]
Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2024, the records indicate the
following data:
Beginning inventory
Purchases
Freight-in on purchases
Purchase returns
Net markups
Net markdowns
Net sales
Average cost
($ in thousands)
Cost
$ 79
670
29
2
Ending inventory
($ in 000s)
Retail
$124
1,005
Required:
1. Use the retail method to approximate cost of ending inventory valued under average cost method.
Note: Enter your answer in thousands including 2 decimal places, i.e. 12,550 would be 12.55.
3
3
7
915
↓](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F17cd412a-cb5e-47b9-b2ef-c4d506537300%2F83ea82f4-d040-4dcb-951c-6325e31a4963%2Fvgpbqoa_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2024, the records indicate the
following data:
Beginning inventory
Purchases
Freight-in on purchases
Purchase returns
Net markups
Net markdowns
Net sales
Average cost
($ in thousands)
Cost
$ 79
670
29
2
Ending inventory
($ in 000s)
Retail
$124
1,005
Required:
1. Use the retail method to approximate cost of ending inventory valued under average cost method.
Note: Enter your answer in thousands including 2 decimal places, i.e. 12,550 would be 12.55.
3
3
7
915
↓
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