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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 $ 87 $ 132 1,013 678 37 2 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) 3 5 9 923

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 $ 87 $ 132 1,013 678 37 2 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) 3 5 9 923

FINANCIAL ACCOUNTING
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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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 $87 $132 678 1,013 37 2 Required: 1. Use the retail method to approximate cost of ending inventory valued under Average cost method. (Enter your answer in thousands including 2 decimal places, i.e. 12,550 would be 12.55.) Ending inventory ($ in 000s) 3 5 9 923
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 $87 $132 678 1,013 37 2 Required: 1. Use the retail method to approximate cost of ending inventory valued under Average cost method. (Enter your answer in thousands including 2 decimal places, i.e. 12,550 would be 12.55.) Ending inventory ($ in 000s) 3 5 9 923
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