Data below for the year ended December $31,2024,$ relates to Houdini Incorporated Houdini started business January $1,2024,$ and uses the LIFO retail method to estimate ending inventory.

Cost Retail

Beginning inventory $ $85000$ $ $115,000$

Net purchases $367,890530,000$

Net markups $33,000$

Net markdowns $23,000$

Net sales $592,000$

Estimated ending inventory at retail is:

Describe exactly how you did the calculations in detail and what's going on when you do them.