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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: Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Net sales The estimated ending inventory at cost is: Note: Round cost-to-retail ratio to 2 decimal places. Cost Retail $ $ 15,800 23,800 49,800 82,000 3,300 2,500 3,400 4,200 5,700 72,900 $18,556. $18,453. $18,543. O $18,501.

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: Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Net sales The estimated ending inventory at cost is: Note: Round cost-to-retail ratio to 2 decimal places. Cost Retail $ $ 15,800 23,800 49,800 82,000 3,300 2,500 3,400 4,200 5,700 72,900 $18,556. $18,453. $18,543. O $18,501.

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter8: Inventories: Special Valuation Issues
Section: Chapter Questions
Problem 12E: Retail Inventory Method The following data were available from Hegge Department Stores records for...
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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: Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Net sales The estimated ending inventory at cost is: Note: Round cost-to-retail ratio to 2 decimal places. $18,556. O $18,453. $18,543. Cost Retail $ $ 15,800 23,800 49,800 82,000 3,300 2,500 3,400 4,200 5,700 72,900 O $18,501.
Transcribed Image Text: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: Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Net sales The estimated ending inventory at cost is: Note: Round cost-to-retail ratio to 2 decimal places. $18,556. O $18,453. $18,543. Cost Retail $ $ 15,800 23,800 49,800 82,000 3,300 2,500 3,400 4,200 5,700 72,900 O $18,501.
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