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 $ 92,000 $ 118,000
Net purchases 385,560 560,000
Net markups 34,000
Net markdowns 54,000
Net sales 501,000

Estimated ending inventory at cost is

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