PDA

View Full Version : LIFO accounting


surfspot50
Mar 8, 2009, 01:58 PM
A firm has a 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?

asastring
Mar 8, 2009, 04:31 PM
lifo - last in first out

700 units sold

300 @ 11
400 @ 12

250 remaining @ $12 = $3000