Delightful Discs has the following inventory data: Nov. 1 Inventory 30 units @ $

Question

Delightful Discs has the following inventory data:

             Nov. 1            Inventory                          30 units @ $6.00 each

                      8            Purchase                           120 units @ $6.45 each

                    17            Purchase                           60 units @ $6.30 each

                    25            Purchase                           90 units @ $6.60 each

A physical count of merchandise inventory on November 30 reveals that there are 100 units on hand. Ending inventory under LIFO is

Explanation / Answer

Ending inventory under LIFO is:

= (30 * $6.00) + [(100 - 30) * $6.45]

= $631.50

Ending inventory under LIFO is $631.50

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