Harvey's Junk Jewelry started business January 1, 2021, and uses the LIFO retail method to estimate ending inventory. Listed below is data accumulated for the year ended December 31, 2021:Cost RetailBeginning inventory $ 16,200 $ 24,200 Purchases 50,200 84,000 Freight-in 3,700 Purchase returns 2,900 3,800 Net markups 5,000 Net markdowns 6,500 Net sales 71,800 Employee discounts 1,900 To the nearest thousand, the estimated ending inventory at cost is (round cost-to-retail ratio to whole percentage):Multiple Choice$19,000.$16,200.$11,200.$25,000.
