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Required information [The following information applies to the questions displayed below.] 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 $ 73 $118 999 Beginning inventory Purchases Freight-in on purchases Purchase returns Net markups Net markdowns Net sales onventional 664 23 1 Ending inventory ($ in 000s) 2 3 Use the retail method to approximate cost of ending inventory valued under Conventional metho nter your answer in thousands including 2 decimal places, i.e. 12,550 would be 12.55) 909

Required information [The following information applies to the questions displayed below.] 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 $ 73 $118 999 Beginning inventory Purchases Freight-in on purchases Purchase returns Net markups Net markdowns Net sales onventional 664 23 1 Ending inventory ($ in 000s) 2 3 Use the retail method to approximate cost of ending inventory valued under Conventional metho nter your answer in thousands including 2 decimal places, i.e. 12,550 would be 12.55) 909

Intermediate Accounting: Reporting And Analysis
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 13RE: Refer to the information provided in RE8-4. If Paul Corporations inventory at January 1, 2019, had a...
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Required information [The following information applies to the questions displayed below.] Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2021, the records indicate the following data: ($ in 0008) Beginning inventory Purchases Freight-in on purchases Purchase returns Net markups Net markdowns Net sales Conventional Cost Retail $ 73 $118 664 999 23 1 Ending inventory ($ in 000s) 2 3 2. Use the retail method to approximate cost of ending inventory valued under Conventional method. (Enter your answer in thousands including 2 decimal places, i.e. 12,550 would be 12.55) 7 909
Transcribed Image Text:Required information [The following information applies to the questions displayed below.] Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2021, the records indicate the following data: ($ in 0008) Beginning inventory Purchases Freight-in on purchases Purchase returns Net markups Net markdowns Net sales Conventional Cost Retail $ 73 $118 664 999 23 1 Ending inventory ($ in 000s) 2 3 2. Use the retail method to approximate cost of ending inventory valued under Conventional method. (Enter your answer in thousands including 2 decimal places, i.e. 12,550 would be 12.55) 7 909
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