Question
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 $105,000
Net purchases 287,410 430,000
Net markups 21,000
Net markdowns 41,000
Net sales 384,000
Current period cost-to-retail percentage is:
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Managerial Accounting Tools For Business Decision Making
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso, Ibrahim M. Aly
2nd Canadian Edition
0471413658, 978-0471413653
