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 $ 67,000 $ 116,000 Net purchases 339,840 500,000 Net markups 28,000 Net markdowns 48,000 Net sales 447,000 Current period cost to retail percentage isa. 70.8%b. 68.3%c.64.4%d. 57.8%
