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Data below for the year ended December 31, 2013, relates to Houdini Inc. Houdini started business January 1, 2013, and uses the LIFO retail method
| Data below for the year ended December 31, 2013, relates to Houdini Inc. Houdini started business January 1, 2013, and uses the LIFO retail method to estimate ending inventory. |
| Cost | Retail | |
| Beginning inventory | $66,000 | $109,000 |
| Net purchases | 317,250 | 470,000 |
| Net markups | 25,000 | |
| Net markdown | 45,000 | |
| Net sales | 420,000 |
Estimated ending inventory at cost is (Do not round intermediate calculations):
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