Posted by james on Tuesday, February 8, 2011 at 11:28am.
A firm has beginning inventory of 300 units at a cost of $11 each. Production during the period was 650 units at $12 each. If sales were 700 units, what is the value of the ending inventory using LIFO? Note: LIFO, lastin, firstout represents that the last produced will be the first shipped. (Show your work/calculations/formulas)

finance  helper, Tuesday, February 8, 2011 at 3:10pm
Beg. Inventory300 units11 ea$3300
Produced650 units12 ea$7800
Total950 units$11,100
SOLDLIFO (Lastinfirstout)
From Beg. Inv50 units11 ea$550
From Produced650 units12 ea$7800
Total700 units$8350
Ending Inventory
Beg. Inv Left250 units11 ea$2750
Produced Left0 units12 ea$0
Total Ending Inventory$2750
Hope this lines up that you can read this.
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