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 2024, the records indicate the following data: Beginning inventory Purchases Freight-in on purchases Purchase returns Net markups Net markdowns Net sales ($ in thousands) Cost Retail $ 75 $ 120 666 1,001 25 1 2 4 8 911 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. Ending inventory ($ in 000s) Average cost