Question: 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

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 Retail
Beginning inventory $ 72,000 $ 108,000
Net purchases 309,760 460,000
Net markups 24,000
Net markdowns 44,000
Net sales 411,000

Estimated ending inventory at retail is:

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