Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2016, the records indicate the following data:
|
|
(S in 000s)
|
|
Cost
|
Retail
|
|
Beginning inventory
|
$ 79
|
$124
|
|
Purchases
|
670
|
1,005
|
|
Freight-in on purchases
|
29
|
|
|
Purchase returns
|
2
|
3
|
|
Net markups
|
|
3
|
|
Net markdowns
|
|
7
|
|
Net sales
|
|
915
|
Use the retail method to approximate cost of ending inventory in each of the following ways: (Enter your answers in thousands. Round your intermediate calculations to 4 decimal places and final answers to 2 decimal places.)
