Use the LIFO methodof inventory pricing to find the dollar value of ending inv.

timer Asked: Jan 4th, 2015

Question description

If you are the manager of a candle store, and the store inventory contains the following records of the annual inventory for candles. Using the LIFO method of inventory pricing, what is the dollar value of ending inventor if there were 17,000 units on hand on December 31?

Jan. 1         beginning inventory-----------------------5000 uits @ .89

Feb. 15       purchase---------------------------------10000units @ .69

April 15       purchase-----------------------------------2000 units @$1.09

July 15        purchase-----------------------------------4000 units  @ .99

Oct. 15        purchase-----------------------------------1000 units  @ $1.19

Dec. 15       purchase------------------------------------2000 units @ $1.09   please show your work.

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