Question

Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2018, the records indicate the following data:

	($ in 000s)
	Cost			Retail
Beginning inventory	$	124		$	155
Purchases		700			1,056
Freight-in on purchases		36
Purchase returns		1			2
Net markups					4
Net markdowns					8
Net sales					922

Required:
Assuming the price level increased from 1 at January 1 to 1.40 at December 31, 2018, use the dollar-value LIFO retail method to approximate cost of ending inventory and cost of goods sold. (Do not round intermediate calculations. Round final answers to the nearest whole dollar. Enter your answers in thousands.)

Answer 1