SmithKline Company maintainsinventory records at selling prices aswell as at cost. For 2024, the recordsindicate the following data: ($ in 000s)Cost Retail Beginning inventory $80 $125 Purchases 671 1,006 Freight - in onpurchases 30 Purchase returns 1 2 Netmarkups 4 Net markdowns 8 Net sales916 Required: Assuming the price levelincreased from 1.00 at January 1 to 1.10at December 31, 2024, use the dollar -value LIFO retail method to approximatecost of ending inventory and cost ofgoods sold. Note: Do not roundintermediate calculations. Round finalanswers to the nearest whole dollar.Enter your answers in thousands.

Name: SmithKline Company maintainsinventory records at selling prices aswel
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Description: SmithKline Company maintainsinventory records at selling prices aswell as at cost. For 2024, the recordsindicate the following data: ($ in 000s)Cost Retail Beginning inventory $80 $125 Purchases 671 1,006 Freight - in onpurchases 30 Purchase returns

LIFO :The Last-In, First-Out (LIFO) method is an inventory valuation technique used in accounting to…

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Business

Accounting

value LIFO retail method to approximate cost of ending inventory and cost of goods sold. Note: Do not round

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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How do i calculate ending inventory and cost of goods sold using LIFO?
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