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 Retail $ 76,000 $114,000 355,000 520,000 30,000 50,000 465,000 Estimated ending inventory at cost is: (Do not round intermediate calculations): Estimated ending inventory at cost is: (Do not round intermediate calculations): Multiple Choice $104,569. $100,850. C $109,280. None of these answer choices are correct
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