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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
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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