$1$

Required information

Problem $9-9(5$tatic$)$ Retail method$-$average cost and conventional $[$LO$9-3,9-4]$

$[$The following information applies to the quessions displeyed beliow$]$

Smidh$-$Kine Company maintains inventory records at seling prices as well as at cost$.$ For $2024,$ the reconds indicate the following date:

$\backslash$table$[[,($is in thousands$)],[$Cost$,$Retail$],[$Beginning inventory,$58,55125],[$Purchases$,671,1,8$e$6],[$Freipht$-$in on purcheses,$38,],[$Purchase returns,$1,2],[$Wet markups,,$4],[$Net markdouns,,$8],[$firt sales,,$916]]$

Problem $9-9($Static$)$ Part $1$

Required:

Use the retail method to approximate cost of ending inventory valued under average cost method.

Fote: Enter your answer in thousands including $2$ decimal places, i$.$e$.12,550$ would be $12\mathrm{.}55.$