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

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

	($ in thousands)
Cost	Retail
Beginning inventory	$ 89	$ 134
Purchases	680	1,015
Freight-in on purchases	39
Purchase returns	1	2
Net markups		4
Net markdowns		8
Net sales		925

Problem 9-9 (Algo) Part 1

Required:

1. Use the retail method to approximate cost of ending inventory valued under average cost method.

Note: Enter your answer in thousands including 2 decimal places, i.e. 12,550 would be 12.55.