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 $ 66,000 280,000 Retail $104,000 420,000 20,000 40,000 375,000 Estimated ending inventory at cost is Multiple Choice $90720 $8.500 $91600

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