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  • Apr 14, 2011, 12:13 PM
    cardi1970
    A firm has beginning inventory of 300 units at a cost of $11 each. Production during
    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)
  • Apr 14, 2011, 12:17 PM
    smoothy

    Since nobody ever bothers to read the rules... here they are.

    Read this first: Expectations for the Homework Help board
    Do not simply retype or paste a question from your book or study material

    We won't do your homework questions for you.
    You were given the assignment for you to learn.

    If you come up with your own answer and post it for us to critique that is within reason.

    If you have some SPECIFIC questions that you couldn't find or didn't understand, we may help with that.
    But this is your assignment, so show us you have at least attempted to complete it on your own.

    Thank you.
  • Apr 14, 2011, 12:21 PM
    pready

    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.

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