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 $16,400 50,400 3,900 3,100 Retail $24,400 79,400 00:17:40 Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Net sales Employee discounts 4,000 2,700 5,500 72,000 2,100 The denominator for the current period's cost-to-retail percentage is: Multiple Choice $97,000