# finance

posted by .

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, last-in, first-out represents that the last produced will be the first shipped. (Show your work/calculations/formulas)

• finance -

Beg. Inventory---300 units---11 ea--\$3300
Produced---------650 units---12 ea--\$7800
Total------------950 units--------\$11,100

SOLD--LIFO (Last-in-first-out)
From Beg. Inv----50 units--11 ea---\$550
From Produced---650 units--12 ea--\$7800
Total-----------700 units---------\$8350

Ending Inventory
Beg. Inv Left--250 units---11 ea--\$2750
Produced Left----0 units---12 ea---\$0
Total Ending Inventory------------\$2750

Hope this lines up that you can read this.

## Similar Questions

1. ### finance

3) 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?
2. ### finance

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 cost of goods sold (assume FIFO)?
3. ### accounting

Eddings Company had a beginning inventory of 400 units of Product XNA at a cost of \$8.00 per unit. During the year, purchases were: Feb. 20 600 units at \$9 Aug. 12 300 units at \$11 May 5 500 units at \$10 Dec. 8 200 units at \$12 Eddings …
4. ### math

Eddings Company had a beginning inventory of 400 units of Product XNA at a cost of \$8.00 per unit. During the year, purchases were: Feb. 20 600 units at \$9 May 5 500 units at \$10 Aug. 12 300 units at \$11 Dec. 8 200 units at \$12 Eddings …
5. ### Math

I have 2 questions involving inventory Question 1. Your a manager of an auto parts store.Figures below contains your records of the annual inventory figures for windshield wipers. Using the FIFO method of inventory pricing,hat is the …
6. ### Finance accounting

Eddings Company had a beginning inventory of 400 units of Product XNA at a cost of \$8.00 per unit. During the year, purchases were: Feb. 20 600 units at \$9 Aug. 12 300 units at \$11 May 5 500 units at \$10 Dec. 8 200 units at \$12 Eddings …
7. ### Business Finance

Using the FIFO method of inventory pricing, what is the dollar value ending inventory if there were 300 units on hand December 31?
8. ### Finanace

Beginning inventory 600 units @ \$ 10 Purchases ( in order from first to last) 1,000 units @ \$11 900 units @ \$ 12 700 units @ \$ 14 Sales for the period were 1,900 units A) Compute the inventory balance and the cost of goods sold at …
9. ### Accounting

Date Activities Units Acquired at Cost Units Sold at Retail Mar. 1 Beginning inventory 50 units @ \$50/unit Mar. 5 Purchase 200 units @ \$55/unit Mar. 9 Sales 210 units @ \$85/unit Mar. 18 Purchase 60 units @ \$60/unit Mar. 25 Purchase …
10. ### Accounting

Cost flow assumptions for FIFO and LIFO using a periodic system. Question 1. Sales during the year were 700 units. Beginning inventory was 400 units at a cost of \$10.00 per unit. Purchase 1 was 500 units at \$12.00 per unit. Purchase …

More Similar Questions