Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2021, the records indicate the following data:    ($ in 000s)   Cost Retail Beginning inventory $ 80   $ 125   Purchases   671     1,006   Freight-in on purchases   30         Purchase returns   1     2   Net markups         4   Net markdowns         8   Net sales         916       2. Use the retail method to approximate cost of ending inventory valued under Conventional method. (Enter your answer in thousands including 2 decimal places, i.e. 12,550 would be 12.55.)

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A: Weighted average  cost is the  average  cost of goods  purchased/manufactured

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A: INVENTORY VALUATIONInventory Valuation is a Method of Calculation of Value of Inventory at the End…

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A: Cost of goods purchased Cost of goods sold Cost of InventoryRemaining   Units Unit cost…

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A: INVENTORY VALUATIONInventory Valuation is a Method of Calculation of Value of Inventory at the End…

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A:

Q: value LIFO retail method to approximate cost of ending inventory and cost of goods sold. Note: Do…

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Q: XYZ Company has the following inventory information:   Beginning inventory: 100 units at $10 per…

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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.