Smith-kline company maintains inventory

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Reference no: EM13963553

Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2016, the records indicate the following data:

	($ in 000s)

	Cost		Retail
Beginning inventory	$	40	$	80
Purchases		726		947
Freight-in on purchases		27
Purchase returns		1		3
Net markups				5
Net markdowns				9
Net sales				813

Required:

Assuming the price level increased from 1 at January 1 to 1.75 at December 31, 2016, use the dollar-value LIFO retail method to approximate cost of ending inventory and cost of goods sold. (Enter your answers in thousands.

1.Estimated Ending inventory at retail

2.Estimated ending inventory at cost

3.Estimated cost of goods sold

Reference no: EM13963553

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