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 $ 92,000 $ 118,000
Net purchases 385,560 560,000
Net markups 34,000
Net markdowns 54,000
Net sales 501,000
Estimated ending inventory at retail is:
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The Audit Process Principles Practice And Cases
Authors: Iain Gray, Stuart Manson
5th Edition
1408030497, 9781408030493
