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: 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 estimated ending inventory at retail is:
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: 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 estimated ending inventory at retail is:
Chapter1: Financial Statements And Business Decisions
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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: 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 estimated ending inventory at retail is:
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