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 $ 92,000 $ 118,000

Net purchases 385,560 560,000

Net markups 34,000

Net markdowns 54,000

Net sales 501,000

Estimated ending inventory at retail is:

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