Question
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
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 | $ | 68,000 | $ | 111,000 | ||
| Net purchases | 332,290 | 490,000 | ||||
| Net markups | 27,000 | |||||
| Net markdowns | 47,000 | |||||
| Net sales | 438,000 | |||||
Estimated ending inventory at cost is: (Do not round intermediate calculations):
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Winning Your Audit Prepare Diligently Be Realistic Then Stand Your Ground
Authors: Holmes F. Crouch
2nd Edition
0944817319, 978-0944817315
