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 Cost Retail Beginning inventory $ 86, 000 $110, 000 Net purchases 432, 000 620, 000 Net markups 40, 000 Net markdowns 60, 000 Net sales 555 , 000 Current period cost-to-retail percentage is: Multiple Choice O 72.0% O 73.0%. O 65.5%. O 78.2%

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