Question - Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2018, the records indicate the following data:
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($ in 000s)
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Cost
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Retail
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Beginning inventory
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$91
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Purchases
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518
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Freight-in on purchases
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23
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Purchase returns
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1
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1
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Net markups
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3
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Net markdowns
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7
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Net sales
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800
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Required - Assuming the price level increased from 1 at January1 to 1.50 at December 31, 2018, use the dollar-value LIFO retail method to approximate cost of ending inventory and cost of goods sold.