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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 Retail Beginning inventory $ 66,000 $104,000 Net purchases 280,000 420,000 Net markups 20,000 Net markdowns Net sales 40,000 375,000 Estimated ending inventory at cost is

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