TB MC Qu. 9-96 (Algo) Harvey's Junk Jewelry started business... 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 $ 23,300 Purchases Freight-in Purchase returns Net markups Net markdowns Net sales Employee discounts Cost $ 15,300 49,300 78,300 2,800 2,000 2,900 2,150 4,400 70,900 1,000 The estimated ending inventory at retail is: Multiple Choice $27,000. $26,000. $24,550. $25,800.
TB MC Qu. 9-96 (Algo) Harvey's Junk Jewelry started business... 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 $ 23,300 Purchases Freight-in Purchase returns Net markups Net markdowns Net sales Employee discounts Cost $ 15,300 49,300 78,300 2,800 2,000 2,900 2,150 4,400 70,900 1,000 The estimated ending inventory at retail is: Multiple Choice $27,000. $26,000. $24,550. $25,800.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:TB MC Qu. 9-96 (Algo) Harvey's Junk Jewelry started business...
Beginning inventory
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:
Retail
Purchases
Freight-in
Purchase returns
Cost
$ 15,300
$ 23,300
49,300
78,300
2,800
2,000
2,900
2,150
4,400
70,900
1,000
Net markups
Net markdowns
Net sales
Employee discounts
The estimated ending inventory at retail is:
Multiple Choice
$27,000.
$26,000.
О
$24,550.
О
$25,800.
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