Business, 18.03.2021 01:30 SearchLight

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 $ 15,000 $ 23,000 Purchases 49,000 78,000 Freight-in 2,500 Purchase returns 1,700 2,600 Net markups 2,000 Net markdowns 4,100 Net sales 70,600 Employee discounts 700 The denominator for the current period's cost-to-retail percentage is: Multiple Choice $96,300. $73,300. $81,500. $101,000.

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Harvey's Junk Jewelry started business January 1, 2021, and uses the LIFO retail method to estimate...