Business, 21.11.2019 19:31 mandilynn22
Harvey's junk jewelry started business
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 $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
to the nearest thousand, the estimated ending inventory at cost is (round cost-to-retail ratio to whole percentage):
(a) $16,000.
(b) $15,000.
(c) $13,000.
(d) $19,000.
Answers: 1
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Harvey's junk jewelry started business
harvey's junk jewelry started business january 1...
harvey's junk jewelry started business january 1...
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