Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2021,...
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Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2021, the records indicate the following data:
Required Information [The following information applies to the questions displayed below.) Smith-Kline Company maintains Inventory records at selling prices as well as at cost. For 2021, the records Indicate the following data: ($ in wees) Cost Retail Beginning inventory $ 79 $ 124 Purchases 1,005 Freight-in on purchases Purchase returns 3 Net markups Net markdowns 7 Net sales 670 29 2 3 915 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) Ending inventory (s in 000) Conventional
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