Problem 9-10 (Algo) Dollar-value LIFO retail method [LO9-5]

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

	($ in 000s)
Cost	Retail
Beginning inventory	$ 90	$ 150
Purchases	602	896
Freight-in on purchases	22
Purchase returns	1	2
Net markups		4
Net markdowns		8
Net sales		775

Required:

Assuming the price level increased from 1.00 at January 1 to 1.55 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.

($ in 000s)

Estimated ending inventory at retail

Estimated ending inventory at cost

Estimated cost of goods sold