(Answered) Question - smith-kline company maintains inventory records

Accounting

Question - Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2018, the records indicate the following data:

	($ in 000s)
	Cost	Retail
Beginning inventory	$91
Purchases	518
Freight-in on purchases	23
Purchase returns	1	1
Net markups		3
Net markdowns		7
Net sales		800

Required - Assuming the price level increased from 1 at January1 to 1.50 at December 31, 2018, use the dollar-value LIFO retail method to approximate cost of ending inventory and cost of goods sold.

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