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Q: An end of the month (1/31/2012), inventory showed that 140 units were on hand. If the company uses LIFO, what is the value of the ending inventory?
A: Because LIFO stands for "Last in, First out", you have almost your entire sales covered by production at $12 each. You're only short 50 units, which you have to take from the beginning inventory at $11 each. [ So subtract 50 out of beginning inventory to get 250 remaining (remember, all of production was used in the sales). All of the 250 units are at a cost of $11, making ending inventory
valued at 2,750. ]
lolai3|Points 50|
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Asked 2/13/2013 4:59:05 PM
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