MC Qu. 43 Harvey's Junk Jewelry started business Janu... 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 $15,000 $23,000 49,000 78,000 Beginning inventory Purchases Freight-in Purchase returns Net markups Net markdowns Net sales 2,500 1,700 2,600 2,000 4,100 70,600 700 Employee discounts 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.

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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.