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?
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