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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

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. Beginning inventory Net purchases Net markups Net markdowns Net sales Current period cost-to-retail percentage is: Cost Retail $ 84,000 $124,000 400,960 580,000 36,000 56,000 519,000

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