Harvey's Junk Jewelry started business January 1, 2016, and uses the LIFO retail method to estimate ending inventory. Listed below is data accumulated for the year ended December 31, 2016:

	Cost	Retail
Beginning inventory	$15,000	$23,000
Purchases	49,000	78,000
Freight-in	2,500
Purchase returns	1,700	2,600
Net markups		2,000
Net markdowns		4,100
Net sales		70,600
Employee discounts		700

The denominator for the current period's cost-to-retail percentage is:

$96,300.

$73,300.

$101,000.

$81,500.