Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2021, the records indicate the following data: Beginning inventory Purchases. Freight-in on purchases. Purchase returns Net markups Net markdowns Net sales. rage cost ($ in 000s) Cost Retail $ 72 $117 663 998 22 Ending inventory ($ in 0006) $ 1 2 4 8 ired: e the retail method to approximate cost of ending inventory valued under Average cost method. (Enter your answer in thousands ading 2 decimal places, i.e. 12,550 would be 12.55.) 908
Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2021, the records indicate the following data: Beginning inventory Purchases. Freight-in on purchases. Purchase returns Net markups Net markdowns Net sales. rage cost ($ in 000s) Cost Retail $ 72 $117 663 998 22 Ending inventory ($ in 0006) $ 1 2 4 8 ired: e the retail method to approximate cost of ending inventory valued under Average cost method. (Enter your answer in thousands ading 2 decimal places, i.e. 12,550 would be 12.55.) 908
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please do not give solution in image format thanku
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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:
Beginning inventory
Purchases
Freight-in on purchases
Purchase returns
Net markups
Net markdowns
Net sales.
Average cost
($ in 000s)
Cost Retail
$ 72
$117
663
998
22
1
Required:
1. Use the retail method to approximate cost of ending inventory valued under Average cost method. (Enter your answer in thousands
including 2 decimal places, i.e. 12,550 would be 12.55.)
Ending inventory
($ in 000s)
2
4
8
908](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F01354a5b-40f6-44c3-bbdd-77fe2239b81b%2F3ad4a553-9764-4b2b-a1e1-1aed4cbac952%2Fharyj0f_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 2021, the records indicate the
following data:
Beginning inventory
Purchases
Freight-in on purchases
Purchase returns
Net markups
Net markdowns
Net sales.
Average cost
($ in 000s)
Cost Retail
$ 72
$117
663
998
22
1
Required:
1. Use the retail method to approximate cost of ending inventory valued under Average cost method. (Enter your answer in thousands
including 2 decimal places, i.e. 12,550 would be 12.55.)
Ending inventory
($ in 000s)
2
4
8
908
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