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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
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$66,200.
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$48,100.
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$48,050.
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$50,500.
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