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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.

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter8: Inventories: Special Valuation Issues
Section: Chapter Questions
Problem 12E: Retail Inventory Method The following data were available from Hegge Department Stores records for...
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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.
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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