Harvey's Junk Jewelry started business January 1, 2018, and uses the LIFO retail method to estimate ending inventory. Listed below is data accumulated for the year ended December 31, 2018:
- The denominator for the current period's cost-to-retail percentage is:
A) $96,300.
B) $73,300.
C) $101,000.
D) $81,500.

Question

Harvey's Junk Jewelry started business January 1, 2018, and uses the LIFO retail method to estimate ending inventory. Listed below is data accumulated for the year ended December 31, 2018: 
- The denominator for the current period's cost-to-retail percentage is:
A) $96,300. 
B) $73,300. 
C) $101,000. 
D) $81,500.

Quizplus · Accepted Answer

11ea937b_3623_fced_a419_531f63e65c5e_TB2599_00

Harvey's Junk Jewelry Started Business January 1, 2018, and Uses