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)

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For LIFO you know your units in sales so all you have to do is subtract these units from the units that you produced. If you used up all of your poduction units you need to subtract any remaining units from your beginning balance.

To calculate you ending inventory just multiply your remaining beginning inventory in units times the unit price, multiply your remaining production units times their unit price, then add the two totals together. It is pretty easy do do, you just need to try to do the work.