Data below for the year ended December 31, 2018, relates to Houdini Inc. Houdini started...
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Accounting
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 $ 68,000 $ 106,000
Net purchases 294,840 440,000
Net markups 22,000
Net markdowns 42,000
Net sales 393,000
Estimated ending inventory at cost is: (Do not round intermediate calculations):
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