Question: Data below for the year ended December 31, 2016, relates to Houdini Inc. Houdini started business January 1, 2016, and uses the LIFO retail method

Data below for the year ended December 31, 2016, relates to Houdini Inc. Houdini started business January 1, 2016, and uses the LIFO retail method to estimate ending inventory. Cost Retail Beginning inventory $65,000 $110,000 Net purchases 324,760 480,000 Net markups 26,000 Net mark downs 46,000 Net sales 429,000 Current period cost-to-retail percentage is:

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