Reference no: EM132870514

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

($ in 000s) Cost Retail

Beginning inventory $72 $120

Purchases 620 926

Freight-in on purchases 25

Purchase returns 1 2

 Net markups 4

Net markdowns 8

Net sales 811

Required - Assuming the price level increased from 1.00 at January 1 to 1.85 at December 31, 2021, use the dollar-value LIFO retail method to approximate cost of ending inventory and cost of goods sold.

1. Estimated ending inventory at retail.

2. Estimated ending inventory at cost?

3. Estimated cost of goods sold?