Question: Data below for the year ended December 31, 2021, relates to Houdini Inc. Houdini started business January 1. 2021, and uses the LIFO retail method

Data below for the year ended December 31, 2021, relates to Houdini Inc. Houdini started business January 1. 2021, and uses the LIFO retail method to estimate ending Inventory. Beginning inventory Net purchases Net markups Net markdowns Net sales Current period cost-to-retall percentage is: Multiple Choice 70.5% 68.6% 64.1% 60.6% Cost $ 66,000 317,250 Retail $109,000 470,000 25,000 45,000 420,000

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