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What is the total cost of ending inventory according to lifo

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Reference no: EM132089176

Question: Beginning inventory, purchases, and sales for an inventory item are as follows:

Beginning inventory

150 units @ $755

Sale

120 units

First purchase

400 units @ $785

Sale

200 units

Second purchase

300 units @ $805

Sale

290 units

The firm uses the perpetual inventory system and there are 240 units of the item on hand at the end of the year. What is the total cost of ending inventory according to LIFO?

Reference no: EM132089176

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