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. $72,000. $108,000 Net Purchases. 309760. 460,000 Net Markups. 24,0000 Net Markdowns. 44,000 Net Sales. 411,000 Estimated ending inventory at cost is. A. 95,209 B. 92,416 C. 99,240 D. None of these answer choices are correct.
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Financial Accounting An Introduction
Authors: Jacqui Kew, Alex Watson
4th Edition
0199046484, 978-0199046485
