Subject: acounting Required information[The following information applies to the questions displayed below.]Smith-Kline Company maintains inventory records at selling prices as well asat cost. For 2024, the records indicate the following data:Beginning inventoryPurchasesFreight-in on purchasesPurchase returnsNet markupsNet markdownsNet sales($ in thousands)Cost$ 71662212Average costRetail$116997Ending inventory($ in 000s)3597Required:1. Use the retail method to approximate cost of ending inventory valued under average costmethod.907Note: Enter your answer in thousands including 2 decimal places, i.e. 12,550 would be12.55. 2. Use the retail method to approximate cost of ending inventory valued under conventionalmethod.Note: Enter your answer in thousands including 2 decimal places, i.e. 12,550 would be12.55.ConventionalEnding inventory($ in 000s)

Name: Subject: acounting Required information[The following information appl
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Subject: acounting Required information[The following information applies to the questions displayed below.]Smith-Kline Company maintains inventory records at selling prices as well asat cost. For 2024, the records indicate the following data:Beginni