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 2021, the records indicate the following data: ($ in 000s) Cost Retail $ 73 $118 999 Beginning inventory Purchases Freight-in on purchases Purchase returns Net markups Net markdowns Net sales onventional 664 23 1 Ending inventory ($ in 000s) 2 3 Use the retail method to approximate cost of ending inventory valued under Conventional metho nter your answer in thousands including 2 decimal places, i.e. 12,550 would be 12.55) 909
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 2021, the records indicate the following data: ($ in 000s) Cost Retail $ 73 $118 999 Beginning inventory Purchases Freight-in on purchases Purchase returns Net markups Net markdowns Net sales onventional 664 23 1 Ending inventory ($ in 000s) 2 3 Use the retail method to approximate cost of ending inventory valued under Conventional metho nter your answer in thousands including 2 decimal places, i.e. 12,550 would be 12.55) 909
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please do not give solution in image format thanku
![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 2021, the records indicate the following data:
($ in 0008)
Beginning inventory
Purchases
Freight-in on purchases
Purchase returns
Net markups
Net markdowns
Net sales
Conventional
Cost Retail
$ 73
$118
664
999
23
1
Ending inventory
($ in 000s)
2
3
2. Use the retail method to approximate cost of ending inventory valued under Conventional method.
(Enter your answer in thousands including 2 decimal places, i.e. 12,550 would be 12.55)
7
909](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F717ad7aa-6db6-4680-8ef2-b7afe96da5d8%2Fac74d3da-dade-43f4-a66e-c7232ba6c9b0%2Fk1xp0es_processed.png&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 2021, the records indicate the following data:
($ in 0008)
Beginning inventory
Purchases
Freight-in on purchases
Purchase returns
Net markups
Net markdowns
Net sales
Conventional
Cost Retail
$ 73
$118
664
999
23
1
Ending inventory
($ in 000s)
2
3
2. Use the retail method to approximate cost of ending inventory valued under Conventional method.
(Enter your answer in thousands including 2 decimal places, i.e. 12,550 would be 12.55)
7
909
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