Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. harvey's junk jewelry started business january 1,

Harvey's Junk Jewelry started business January 1, 2021, and uses the LIFO retail method to...

70.2K

Verified Solution

Question

Accounting

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 $ 16,300 $ 24,300
Purchases 50,300 84,500
Freight-in 3,800
Purchase returns 3,000 3,900
Net markups 5,200
Net markdowns 6,700
Net sales 71,900
Employee discounts 2,000

To the nearest thousand, the estimated ending inventory at cost is (round cost-to-retail ratio to whole percentage):

Multiple Choice

  • $11,100.

  • $16,300.

  • $26,000.

  • $20,000.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Psychology
1.2K views

Consider shaping and chaining procedures. You need to train a teenager to take a public bus to...

Basic Math
1.2K views

explain how to contructed a grouped frequency distribution table

Accounting
1.2K views

Static Budget versus Flexible Budget The production supervisor of the Machining Department for Niland Company agreed to...

Physics
1.2K views

The acceleration of an electron due to the attraction between the electron and a proton...

Physics
1.2K views

81 The following graph shows two isotherms for a fixed mass of an ideal gas...

Calculus
1.2K views

et f x 3 3x 2 7x Find the equation of the secant line on...

Algebra
1.2K views

Select the equation or inequality that could be represented by this number line 2 O...

Accounting
1.2K views

A company reports the following: actual total overhead of $1,960; budgeted (flexible) overhead at...

Accounting
1.2K views

Ruben is awezente intends to all cutomers a special and prin...

Accounting
1.2K views

The 2021 Income statement of Adrian Express reports sales of $13,500,000, cost of goods sold...

Accounting
1.2K views

The names of the employees of Hogan Thrift Shop are listed on the following payroll...

Finance
1.2K views

You are thinking of buying a car in 4 years. The price of the car...