Harvey's Junk Jewelry started business January 1, 2016, and uses the LIFO retail method to estimate ending
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Question:
Harvey's Junk Jewelry started business January 1, 2016, and uses the LIFO retail method to estimate ending inventory. Listed below is data accumulated for the year ended December 31, 2016:
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 |
To the nearest thousand, the estimated ending inventory at cost is (round cost-to-retail ratio to whole percentage):
$16,000.
$15,000.
$13,000.
$19,000.
Related Book For
Horngrens Accounting
ISBN: 978-0133855388
10th Canadian edition Volume 2
Authors: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura, Carol A. Meissner, Jo-Ann L. Johnston, Peter R. Norwood
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