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.
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.
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 4PEB: Beginning inventory, purchases, and sales for WCS12 are as follows: Assuming a perpetual inventory...
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Transcribed Image Text: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
Beginning inventory
Purchases
Freight-in
Purchase returns
Net markups
Net markdowns
Net sales
$15,000
49,000
2,500
1,700
$23,000
78,000
2,600
2,000
4,100
70,600
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.
700
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