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?
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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?
lifo - last in first out
700 units sold
300 @ 11
400 @ 12
250 remaining @ $12 = $3000
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