Data below for the year ended December 31, 2018, relates to
Houdini Inc. Houdini started business January 1, 2018, and uses the
LIFO retail method to estimate ending inventory.
Cost | Retail | |||||
Beginning inventory | $ | 72,000 | $ | 108,000 | ||
Net purchases | 309,760 | 460,000 | ||||
Net markups | 24,000 | |||||
Net markdowns | 44,000 | |||||
Net sales | 411,000 | |||||
Estimated ending inventory at retail is:
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