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What vernieri ending inventory balance under lifo inventory

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Reference no: EM132512327

Vernieri Shoe Corporation bought and sold Air Johannson sneakers as shown below:

Air Johannson Sneakers Available and Sold

                                              # of Units                   Cost per Unit                 Total Cost

Beginning Balance:           6,000             x                $70 each =              $420,000

February 8 Purchase:        9,000              x                  $80 each =             $720,000

August 17 Purchase:             5,000         x                    $90 each =            $450,000

Available for Sale: 20,000 $1,590,000

Sold during 2016: 18,000 ?

Ending Inventory: 2,000 ?

Question1 : What is Vernieri's ending inventory balance under the LIFO inventory cost flow assumption?

Reference no: EM132512327

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