Problem 9-9 (Algo) Retail methodaverage cost and conventional [LO9-3, 9-4] Skip to question [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: ($ in 000s) Cost Retail Beginning inventory $ 74 $ 119 Purchases 665 1,000 Freight-in on purchases 24 Purchase returns 2 3 Net markups 5 Net markdowns 9 Net sales 910

Problem 9-9 (Algo) Part 1 Required: 1. Use the retail method to approximate cost of ending inventory valued under Average cost method. (Enter your answer in thousands including 2 decimal places, i.e. 12,550 would be 12.55.)