points

eBookPrintReferencesCheck my workCheck My Work button is now enabledItem $8$

Problem $9-10($Algo$)$ Dollar$-$value LIFO retail method $[$LO$9-5]$

Smith$-$Kline Company maintains inventory records at selling prices as well as at cost$.$ For $2024,$ the records indicate the following data:

$($$ in $000$s$)$

Cost Retail

Beginning inventory $ $72$ $ $90$

Purchases $705917$

Freight$-$in on purchases $24$

Purchase returns $13$

Net markups $5$

Net markdowns $9$

Net sales $800$

Required:

Assuming the price level increased from $1\mathrm{.}00$ at January $1$ to $1\mathrm{.}90$ at December $31,2024,$ use the dollar$-$value LIFO retail method to approximate cost of ending inventory and cost of goods sold.

Note: Round your intermediate and final answers to the nearest whole dollar. Enter your answers in thousands.