Solution-Compute cost of ending inventory and cost of goods

Compute cost of ending inventory and cost of goods sold

Reference no: EM132478365

Question - Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2021, the records indicate the following data:

	($ in 0006)
	Cost	Retail
Beginning inventory	$99	$165
Purchases	605	1,075
Freight-in on purchases	38
Purchase returns	1	1
Net markups		3
Net markdowns		7
Net sales		924

Required: Assuming the price level increased from 1.00 at January 1 to 1.50 at December 31, 2021, use the dollar-value LIFO retail method to approximate cost of ending inventory and cost of goods sold.

Reference no: EM132478365

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Compute cost of ending inventory and cost of goods sold

Reference no: EM132478365

Reference no: EM132478365

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