[The following information applies to the questions displayed below.] Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2024, the records indicate the following data: Beginning inventory Purchases Freight-in on purchases Purchase returns Net markups Net markdowns Net sales ($ in thousands) Cost $ 71 662 21 2 Ending inventory ($ in 000s) Retail $ 116 997 3 5 9 907 equired: Use the retail method to approximate cost of ending inventory valued under average cost method ote: Enter your answer in thousands including 2 decimal places, i.e. 12,550 would be 12.55.
[The following information applies to the questions displayed below.] Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2024, the records indicate the following data: Beginning inventory Purchases Freight-in on purchases Purchase returns Net markups Net markdowns Net sales ($ in thousands) Cost $ 71 662 21 2 Ending inventory ($ in 000s) Retail $ 116 997 3 5 9 907 equired: Use the retail method to approximate cost of ending inventory valued under average cost method ote: Enter your answer in thousands including 2 decimal places, i.e. 12,550 would be 12.55.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Haresh vala
![[The following information applies to the questions displayed below.]
Smith-Kline Company maintains inventory records at selling prices as well as at cost. For
2024, the records indicate the following data:
Beginning inventory
Purchases
Freight-in on purchases
Purchase returns
Net markups
Net markdowns
Net sales
($ in thousands)
Cost
$ 71
662
21
2
Ending inventory
($ in 000s)
Retail
$ 116
997
359
907
Required:
1. Use the retail method to approximate cost of ending inventory valued under average cost method.
Note: Enter your answer in thousands including 2 decimal places, i.e. 12,550 would be 12.55.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7e43624e-c15e-4c98-8a05-7000d5fb32fa%2Fe71a731e-2f4f-4e71-9cc1-3427e512e038%2F1fsy3z_processed.jpeg&w=3840&q=75)
Transcribed Image Text:[The following information applies to the questions displayed below.]
Smith-Kline Company maintains inventory records at selling prices as well as at cost. For
2024, the records indicate the following data:
Beginning inventory
Purchases
Freight-in on purchases
Purchase returns
Net markups
Net markdowns
Net sales
($ in thousands)
Cost
$ 71
662
21
2
Ending inventory
($ in 000s)
Retail
$ 116
997
359
907
Required:
1. Use the retail method to approximate cost of ending inventory valued under average cost method.
Note: Enter your answer in thousands including 2 decimal places, i.e. 12,550 would be 12.55.
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