Question: Can not seem to get these right, please help! Required information [The following information applies to the questions displayed below.] Smith-Kline Company maintains inventory records

Can not seem to get these right, please help!
Can not seem to get these right, please help! 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: 2. Use the retail method to approximate

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: 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) 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: Required: . Use the retail method to approximate cost of ending inventory valued under Average cost method. (Enter your answer in thousands including 2 decimal slaces, i.e. 12,550 would be 12.55.) \begin{tabular}{lrr|} \hline Merchandise available & 807 & 1155 \\ \hline cost to retail percentage: & \\ \hline cost to retail ratio & 0.6987013 & 69.8701299 \\ \hline \end{tabular} \begin{tabular}{|l|r|} \hline net markdowns & 8 \\ \hline Less: net sales & 925 \\ \hline & 222 \\ \hline & 155.111688 \\ \hline \end{tabular}

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!