Calculate the approximate cost of ending inventory and cost

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Reference no: EM13333683

Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2013, the records indicate the following data:

($ in 000s)

	Cost		Retail
Beginning inventory	$	90	$	150
Purchases		602		896
Freight-in on purchases		22
Purchase returns		1		2
Net markups				4
Net markdowns				8
Net sales				775

Assuming the price level increased from 1.2 at January 1 to 1.55 at December 31, 2013, use the dollar-value LIFO retail method to calculate the approximate cost of ending inventory and cost of goods sold.

Reference no: EM13333683

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