Question: Using retail method; Find estimated cost of ending inventory . Really confused on this question. Please show steps how you got the answer. Thank you!

Using retail method; Find estimated cost of ending inventory. Really confused on this question. Please show steps how you got the answer. Thank you! Using retail method; Find estimated cost of ending inventory. Really confused

Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2018, the records indicate the following data: in 000s) Cost Retail $78 123 669 1,004 Beginning inventory Purchases Freight-in on purchases Purchase returns Net markups Net markdowns Net sales 28 914 Required: Use the retail method to approximate cost of ending inventory in each of the following ways: (Enter your answers in thousands. Round your cost-to-retail percentage calculation and final answers to 2 decimal places.) Ending in 000s S 142,924.00 S 141,911.00 1. Average cost

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