Question

Black Company maintains inventory records at selling prices as well as at cost. For 2021, the records indicate the following data:

	($ in 000s)
	Cost			Retail
Beginning inventory	$	105		$	175
Purchases		833			1,097
Freight-in on purchases		40
Purchase returns		1			3
Net markups					5
Net markdowns					9
Net sales					926

Required:
Assuming the price level increased from 1.00 at January 1 to 1.60 at December 31, 2021, 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.)

Answer 1