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Data below for the year ended December 31, 2021, relates to Houdini Inc. Houdini started business January 1, 2021, and uses the LIFO retail method
Data below for the year ended December 31, 2021, relates to Houdini Inc. Houdini started business January 1, 2021, and uses the LIFO retail method to estimate ending inventory. Cost Beginning inventory Net purchases Net markups Net markdowns Net sales Retail $ 90,000 $122,000 416,440 600,000 38,000 58,000 537,000 Estimated ending inventory at cost is: (Do not round intermediate calculations): Multiple Choice $112,913 $120,874. $125,260. None of these answer choices are correct
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