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: (S in 8ees) Cost Retail $ 77 $ 122 1,ee3 Beginning inventory Purchases 668 Freight-in on purchases Purchase returns 27 2 Net markups Net markdowns Net sales 5 9 913 Requlred: 1. Use the retail method to approximate cost of ending inventory valued under Average cost method. (Enter your answer In the Including 2 declmal places, I.e. 12,550 would be 12.55.)
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: (S in 8ees) Cost Retail $ 77 $ 122 1,ee3 Beginning inventory Purchases 668 Freight-in on purchases Purchase returns 27 2 Net markups Net markdowns Net sales 5 9 913 Requlred: 1. Use the retail method to approximate cost of ending inventory valued under Average cost method. (Enter your answer In the Including 2 declmal places, I.e. 12,550 would be 12.55.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Requlred Informatlon
[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 00es)
Cost Retail
$ 77 $ 122
668
Beginning inventory
Purchases
Freight-in on purchases
Purchase returns
Net markups
Net markdowns
Net sales
1, e03
27
2
3
913
Requlred:
1. Use the retail method to approximate cost of ending inventory valued under Average cost method. (Enter your answer In thousar
Including 2 declmal places, L.e. 12,550 would be 12.55.)
Ending inventory
(S in 000s)
Average cost
Transcribed Image Text:Requlred Informatlon
[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 00es)
Cost Retail
$ 77 $ 122
1,003
Beginning inventory
Purchases
668
Freight-in on purchases
Purchase returns
27
2
3
Net markups
Net markdowns
5
9
Net sales
913
2. Use the retail method to approximate cost of ending inventory valued under Conventional method. (Enter your answer In
thousands Including 2 declmal places, l.e. 12,550 would be 12.55)
Ending inventory
(S in 000s)
Conventional
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