Question
Data below for the year ended December 31, 2016, relates to Houdini Inc. Houdini started business January 1, 2016, and uses the LIFO retail method
| Data below for the year ended December 31, 2016, relates to Houdini Inc. Houdini started business January 1, 2016, and uses the LIFO retail method to estimate ending inventory. |
| Cost | Retail | |
| Beginning inventory | $90,000 | $122,000 |
| Net purchases | 416,440 | 600,000 |
| Net markups | 38,000 | |
| Net markdown | 58,000 | |
| Net sales | 537,000 |
Estimated ending inventory at cost is (Do not round intermediate calculations):
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Finance Business Discover Types Of Audits Balance Sheets And Assertions
Authors: Carleen Legalley
1st Edition
B0B5KVD4FZ, 979-8839194779
