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 the numerator for the current period's cost-to-retail percentage is: $64,800. $48,100. $47,700. $49,800.