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 Cost $ 92,000 424,210 Retail $120,000 610,000 39,000 59,000 546,000 Current period cost-to-retail percentage is: Multiple Choice 71.9%. 72.7%. 65.4%. 76.7%

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