9. Data below for the year ended December 31, 2018, relates to Houdini Inc. Houdini started business January 1, 2018, and uses the LIFO retail method to estimate ending inventory.

	Cost			Retail
Beginning inventory	$	80,000		$	117,000
Net purchases		377,890			550,000
Net markups					33,000
Net markdowns					53,000
Net sales					492,000

Estimated ending inventory at retail is:

a. $155,000

b. $38,000

c. $91,000

d. $204,910

10. Willie Nelson's Boots uses the conventional retail method to estimate ending inventory. Cost data for the most recent quarter is shown below:

	Cost			Retail
Beginning inventory	$	49,000		$	66,000
Net purchases		157,000			221,000
Net markups					25,000
Net markdowns					38,000
Net sales					223,000

The conventional cost-to-retail percentage (rounded) is:

a. 83.1%

b. 66.0%

c. 71.8%

d. 75.2%