Data below for the year ended December 31, 2024, relates to Houdini Incorporated. Houdini started business January 1, 2024, and uses the LIFO retail method to estimate ending inventory. Cost Retail Beginning inventory $ 92, 000 $ 120,000 Net purchases 424, 210 610,000 Net markups 39,000 Net markdowns 59,000 Net sales 546,000 Current period cost - to - retail percentage is:

Data below for the year ended December 31, 2024, relates to Houdini Incorporated. Houdini started business January 1, 2024, and uses the LIFO retail method to estimate ending inventory. Cost Retail Beginning inventory $ 92, 000 $ 120,000 Net purchases 424, 210 610,000 Net markups 39,000 Net markdowns 59,000 Net sales 546,000 Current period cost - to - retail percentage is:

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter18: Accounting Periods And Methods

Section: Chapter Questions

Problem 67P

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