Harvey's Junk Jewelry started business January 1, 2021, and uses the LIFO retail method to...
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Harvey's Junk Jewelry started business January 1, 2021, and uses the LIFO retail method to estimate ending inventory. Listed below is data accumulated for the year ended December 31, 2021: Cost Retail Beginning inventory $ 16,600 $ 24,600 Purchases 50,600 79,600 Freight-in 4,100 Purchase returns 3,300 4,200 Net markups 2,800 Net markdowns 5,700 Net sales 72,200 Employee discounts 2,300 The numerator for the current period's cost-to-retail percentage is: Multiple Choice $68,000. $48,100. $48,500. $51,400
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