! Required information Problem 9-9 (Algo) Retail method-average 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 0003) Cost Retail Beginning inventory $ 73 $118 Purchases 664 999 Freight-in on purchases 23 Purchase returns 1 2 Net markups 3 Net markdowns 7 Net sales 909 Problem 9-9 (Algo) Part 1 Required: 1. Use the retail method to approximate cost of ending inventory valued under Average cost method. (Enter your answer in thousands including 2 decimal places, i.e. 12,550 would be 12.55.) Ending inventory ($ in 000s) Average cost