Problem 9-9 (Algo) Retail methodaverage cost and conventional [LO9-3, 9-4]

[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	$	70		$	115
Purchases		661			996
Freight-in on purchases		20
Purchase returns		1			2
Net markups					3
Net markdowns					7
Net sales					906

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.)

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)