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 $ 70,000 $ 107,000 Net purchases 302,290 450,000 Net markups 23,000 Net markdowns 43,000 Net sales 402,000 Estimated ending inventory at retail is:

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