Calculate the approximate cost of ending inventory and cost

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

($ in 000s)



Cost Retail
  Beginning inventory $ 90
$ 150
  Purchases
602

896
  Freight-in on purchases
22



  Purchase returns
1

2
  Net markups



4
  Net markdowns



8
  Net sales



775

Assuming the price level increased from 1.2 at January 1 to 1.55 at December 31, 2013, use the dollar-value LIFO retail method to calculate the approximate cost of ending inventory and cost of goods sold.

Reference no: EM13333683

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