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 2005) 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 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 000) Average cost 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) Ending inventory ($ in 000s) Conventional