Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2024, the records indicate the following data: (5 in 000s) Beginning inventory Purchases Freight-in on purchases Purchase returns. Net markups Net markdowns Net sales Cost $91 770 31 1 Retall $ 130 1,007 917 Required: Assuming the price level increased from 1.00 at January 1 to 115 at December 31, 2024, use the dollar-value LIFO retail method to approximate cost of ending inventory and cost of goods sold. Note: Round your intermediate and final answers to the nearest whole dollar. Enter your answers in thousands.

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.