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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 $ 15,700 $ 23,700
Purchases 49,700 78,700
Freight-in 3,200
Purchase returns 2,400 3,300
Net markups 2,350
Net markdowns 4,800
Net sales 71,300
Employee discounts 1,400

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

Multiple Choice

  • $66,200.

  • $48,100.

  • $48,050.

  • $50,500.

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