Smith-Kline Company maintains inventory records at selling prices as well as at

Question

Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2013, the records indicate the following data:

Use the retail method to approximate cost of ending inventory in each of the following ways (Round your final answers to 2 decimal places. Enter your answers in thousands.):

Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2013, the records indicate the following data:

Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2013, the records indicate the following data: Use the retail method to approximate cost of ending inventory in each of the following ways (Round your final answers to 2 decimal places. Enter your answers in thousands.):

Explanation / Answer

Average cost=(72+663+1) /908=0.8105

Average (LCM) cost=(72+663+1) /916=0.8034

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