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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 Retail Purchases Freight-in Purchase returns Net markups Net markdowns Net sales Employee discounts Cost $ 17,000 $ 25,000 51,000 80,000 4,500 3,700 4,600 3,000 6,100 72,600 2,700 The estimated ending inventory at retail is: Multiple Choice C O $22,400. $25,300 $22,600 $22,000

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 Retail Purchases Freight-in Purchase returns Net markups Net markdowns Net sales Employee discounts Cost $ 17,000 $ 25,000 51,000 80,000 4,500 3,700 4,600 3,000 6,100 72,600 2,700 The estimated ending inventory at retail is: Multiple Choice C O $22,400. $25,300 $22,600 $22,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 Retail Purchases Freight-in Purchase returns Net markups Net markdowns Net sales Employee discounts Cost $ 17,000 $ 25,000 51,000 80,000 4,500 3,700 4,600 3,000 6,100 72,600 2,700 The estimated ending inventory at retail is: Multiple Choice C O $22,400. $25,300 $22,600 $22,000
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 Retail Purchases Freight-in Purchase returns Net markups Net markdowns Net sales Employee discounts Cost $ 17,000 $ 25,000 51,000 80,000 4,500 3,700 4,600 3,000 6,100 72,600 2,700 The estimated ending inventory at retail is: Multiple Choice C O $22,400. $25,300 $22,600 $22,000
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