FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
Bartleby Related Questions Icon

Related questions

Question

Please answer complete and properly

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 $ 125
1,006
30
Beginning inventory
Purchases
671
Freight-in on purchases
Purchase returns
1
2
Net markups
Net markdowns
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
expand button
Transcribed Image Text: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 $ 125 1,006 30 Beginning inventory Purchases 671 Freight-in on purchases Purchase returns 1 2 Net markups Net markdowns 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
Expert Solution
Check Mark
Knowledge Booster
Background pattern image
Recommended textbooks for you
Text book image
FINANCIAL ACCOUNTING
Accounting
ISBN:9781259964947
Author:Libby
Publisher:MCG
Text book image
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Text book image
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Text book image
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Text book image
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Text book image
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education