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What is the cost of the ending inventory on January

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Question - On January 1, Stapler Company had a beginning inventory of 20 units of inventory item Z that cost $5 each. During the month, the company engaged in the following transactions related to inventory item Z:

January 3 Purchased 50 units at $6 each

January 7 Sold 40 units for $10 each

January 14 Purchased 30 units at $7 each

January 19 Sold 50 units for $11 each

January 21 Purchased 20 units at $8 each

Assuming that Stapler Company uses the LIFO (last in, first out) inventory costing system and maintains perpetual inventory records, what is the cost of the ending inventory on January 31?

Reference no: EM132924283

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