Question
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 | $ | 16,800 | $ | 24,800 | |||
| Purchases | 50,800 | 79,800 | |||||
| Freight-in | 4,300 | ||||||
| Purchase returns | 3,500 | 4,400 | |||||
| Net markups | 2,900 | ||||||
| Net markdowns | 5,900 | ||||||
| Net sales | 72,400 | ||||||
| Employee discounts | 2,500 | ||||||
The estimated ending inventory at retail is:
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The Credit Risk Of Complex Derivatives
Authors: Erik Banks
3rd Edition
1403916691, 9781403916693
