Data below for the year ended December 31, 2011, relates to Houdini Inc. Houdini started business January 1, 2011, and uses the LIFO retail method to estimate ending inventory.
. . . . . . . . . . . (cost, retail)
beginning inventory: ( 66,000; 104,000)
net purchases: (280,000; 420,000)
net markups: (0; 20,000)
net markdowns: (0; 40,000)
net sales: (0; 375,000)
Estimated ending inventory at cost is:
