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 $ 80 S 125 671 1,006 30 Beginning inventory Purchases Freight-in on purchases Purchase returns 1 Net markups Net markdowns 2 4 8 Net sales 916 Required: Assuming the price level increased from 1.00 at January 1 to 1.10 at December 31, 2021, 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) Estimated ending inventory at retail 209 Estimated ending inventory at cost Estimated cost of goods sold
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 $ 80 S 125 671 1,006 30 Beginning inventory Purchases Freight-in on purchases Purchase returns 1 Net markups Net markdowns 2 4 8 Net sales 916 Required: Assuming the price level increased from 1.00 at January 1 to 1.10 at December 31, 2021, 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) Estimated ending inventory at retail 209 Estimated ending inventory at cost Estimated cost of goods sold
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text: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
$ 80 $ 125
1,006
30
Beginning inventory
Purchases
671
Freight-in on purchases
Purchase returns
1
2
Net markups
Net markdowns
4
8
Net sales
916
Required:
Assuming the price level increased from 1.00 at January 1 to 1.10 at December 31, 2021, 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)
Estimated ending inventory at retail
209
Estimated ending inventory at cost
Estimated cost of goods sold
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