What is the difference between the estimated ending inventory at cost and the estimated cost of goods sold. Please explain how this is calculated.
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 Beginning inventory$60 $100 Purchases 533 935 Freight-in on purchases 26 Purchase returns 1 1 Net markups 3 Net markdowns 7 Net sales 812
Assuming the price level increased from 1 at January 1 to 1.80 at December 31, 2018, use the dollar-value LIFO retail method to approximate cost of ending inventory and cost of goods sold. (Do not round intermediate calculations. Round final answers to the nearest whole dollar. Enter your answers in thousands.)
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