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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 Cost Retail $ 78,000 $116,000 Net purchases Net markups Net markdowns Net sales Estimated ending inventory at retail is: Multiple Choice $89,000. $153,000. $37,000. $202,840. 370,240 540,000 32,000 52,000 483,000
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Intermediate Accounting
Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
1st edition
978-0133251579, 133251578, 013216230X, 978-0134102313, 134102312, 978-0132162302
