23) Data below for the year ended December 31, 2018, relates to Houdini Inc. Houdini started business January 1, 2018, and uses the LIFO retail method to estimate ending inventory $ Cost 66,000 280,000 Beginning inventory Net purchases Net markups Net markdowns Net sales Retail $ 104,000 420,000 20,000 40,000 375,000 Current period cost-to-retail percentage is: A) 63.6% B) 63.5% C) 70.0% D) 68.7% 24) Cloverdale, Inc., uses the conventional retail inventory method to account for inventory, The following information relates to current year's operations: Cost $ 313,500 Beginning inventory and purchases Net markups Net markdowns Net sales Retail $ 540,000 30,000 20,000 480,000 What amount should be reported as cost of goods sold for the year? A) $272,861. B) $273,600 C) $275,000 D) None of these answer choices are correct