Please do not give solution in image format thanku 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 thefollowing data:Beginning inventoryPurchasesFreight-in on purchasesPurchase returnsNet markupsNet markdownsNet salesAverage cost($ in 000s)Cost Retail$90 $ 1356811,01640Ending inventory($ in 000s)2Required:1. Use the retail method to approximate cost of ending inventory valued under Average cost method. (Enter your answer in thousandsincluding 2 decimal places, i.e. 12,550 would be 12.55.)359926 . Use the retail method to approximate cost of ending inventory valued under Conventional method. (Enter your answer inthousands including 2 decimal places, i.e. 12,550 would be 12.55)ConventionalEnding inventory($ in 000s)

It is the stock held for sale to customers. The inventory comprises of raw materials, work in…

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 ($ in 000s) Cost Retail $ 90 $ 135 681 1,016 40 2 3 3596 5 9 926

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 ($ in 000s) Cost Retail $ 90 $ 135 681 1,016 40 2 3 3596 5 9 926

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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