1. Data below for the year ended December 31, 2018, relates to Houdini Inc., which began operations on January 1, 2018. The retail price index at the end of 2018 was 1.10.

   	Cost					Retail
   Beginning inventory	$	66,000					$	104,000
   Net purchases		280,000						420,000
   Net markups								20,000
   Net markdowns								40,000
   Net sales								375,000

   Required: Calculate estimated ending inventory at cost assuming Houdini uses the Dollar-Value LIFO retail method.