Problem 9-7 Retail method-average cost and LCM [LO9-3, 9-4] Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2013, the records indicate thefollowing data ($ in 000s) CostRetail $ 77 $ 122 668 1,003 Beginning inventory Purchases Freight-in on 27 purchases 3 5 9 913 2 Purchase returns Net markups Net markdowns Net sales Required Use the retail method to approximate cost of ending inventory in each of the following ways (Round your final answers to 2 decimal places. Enter your answers irn thusands.) ($ in 000s) Ending inventory 1. Average cost 2. Average (LCM) cost