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 Purchases Freight-in on purchases Purchase returns Net markups Net markdowns Net sales $105 $175 503 875 20 1 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 1 3 7 750 Required: Assuming the price level increased from 1.00 at January 1 to 1.65 at December 31, 2021, use the dollar-value LIFO retail method to approximate cost of ending inventory and cost of goods sold. (Do not round intermediate calculations. Round final answers to the nearest whole dollar. Enter your answers in thousands.) ($ in 000s)

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 Purchases Freight-in on purchases Purchase returns Net markups Net markdowns Net sales $105 $175 503 875 20 1 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold 1 3 7 750 Required: Assuming the price level increased from 1.00 at January 1 to 1.65 at December 31, 2021, use the dollar-value LIFO retail method to approximate cost of ending inventory and cost of goods sold. (Do not round intermediate calculations. Round final answers to the nearest whole dollar. Enter your answers in thousands.) ($ in 000s)

Name: Smith-Kline Company maintains inventory records at selling prices as
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Description: Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2021, the records indicate the following data:Beginning inventoryPurchasesFreight-in on purchasesPurchase returnsNet markupsNet markdownsNet sales($ in 000s)Co

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 50E: Inventory Costing Methods Crandall Distributors uses a perpetual inventory system and has the...

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