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Problem 9.9 (Algo) Retail method-average cost and conventional [LO9-3, 9-4] [The following information applies to...

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Accounting

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Problem 9.9 (Algo) Retail method-average cost and conventional [LO9-3, 9-4] [The following information applies to the questions displayed below.] Smith-Kine Company maintains inventory records at selling prices as well as at cost. For 2021, the records indicate the following data: 1. Use the retail method to approximate cost of ending inventory valued under Average cost method. (Enter your answer in thousands including 2 decimal places, i.e. 12,550 would be 12.55.) 2. Use the retail method to approximate cost of ending inventory valued under Conventional method. (Enter your answer in thousands including 2 decimal places, l.e. 12,550 would be 12.55)

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