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Data below for the year ended December 31, 2018, relates to Houdini Inc. Houdini started business...

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 $ 70,000 $ 107,000 Net purchases 302,290 450,000 Net markups 23,000 Net markdowns 43,000 Net sales 402,000 Estimated ending inventory at retail is:

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Answer #1
Computation of the estimated inventory at Retail
Cost ($) Retail ($)
Beginning inventory           70,000.00        107,000.00
Add: Net Purchases          302,290.00        450,000.00
        Net markups                      -            23,000.00
Less: Net markdowns                      -          (43,000.00)
Goods available for sale (excluding beginning inventory)          302,290.00        430,000.00
Goods available for sale (including beginning inventory)          372,290.00        537,000.00
Less: sales       (402,000.00)
Estimated ending inventory at retail 28,000.00
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