Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2018, the records indicate the following data: Beginning inventory Purchases Freight-in on purchases. Purchase returns Net markups Net markdowns Net sales ($ in 000s) Cost Retail $ 77 $ 140 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 682 1,026 33 1 2 4 8 919 Required: Assuming the price level increased from 1 at January 1 to 1.25 at December 31, 2018, use the dollar-value LIFO retail method to approximate cost of ending inventory and cost of goods sold. (Do not round intermediate calculations. Round final answers to the nearest whole dollar. Enter your answers in thousands.) ($ in 000s)

Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2018, the records indicate the following data: Beginning inventory Purchases Freight-in on purchases. Purchase returns Net markups Net markdowns Net sales ($ in 000s) Cost Retail $ 77 $ 140 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 682 1,026 33 1 2 4 8 919 Required: Assuming the price level increased from 1 at January 1 to 1.25 at December 31, 2018, use the dollar-value LIFO retail method to approximate cost of ending inventory and cost of goods sold. (Do not round intermediate calculations. Round final answers to the nearest whole dollar. Enter your answers in thousands.) ($ in 000s)

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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