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 $ 80 S 125 671 1,006 30 Beginning inventory Purchases Freight-in on purchases Purchase returns 1 Net markups Net markdowns 2 4 8 Net sales 916 Required: Assuming the price level increased from 1.00 at January 1 to 1.10 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) Estimated ending inventory at retail 209 Estimated ending inventory at cost Estimated cost of goods sold

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 $ 80 S 125 671 1,006 30 Beginning inventory Purchases Freight-in on purchases Purchase returns 1 Net markups Net markdowns 2 4 8 Net sales 916 Required: Assuming the price level increased from 1.00 at January 1 to 1.10 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) Estimated ending inventory at retail 209 Estimated ending inventory at cost Estimated cost of goods sold

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter8: Inventories: Special Valuation Issues

Section: Chapter Questions

Problem 12E: Retail Inventory Method The following data were available from Hegge Department Stores records for...

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