Harvey's Junk Jewelry started business January 1, 2024, and uses the LIFO retail method to estimate ending inventory. Listed below is data accumulated for the year ended December 31, 2024:

	Cost	Retail
Beginning inventory	$ 16,700	$ 24,700
Purchases	50,700	79,700
Freight-in	4,200
Purchase returns	3,400	4,300
Net markups		2,850
Net markdowns		5,800
Net sales		72,300
Employee discounts		2,400

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

$48,100.

$68,200.

$51,500.

$48,550.