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)

Answer 1

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

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