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 Employee discounts Cost $ 15,000 49,000 2,500 1,700 The estimated ending inventory at cost is: Note: Round cost-to-retail ratio to 2 decimal places. Retail $ 23,000 78,000 2,600 2,000 4,100 70,600 700

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.