The value of the ending inventory on June 30, using the LIFO method, is $3,771. This is determined by working backward from the most recent purchase to the physical count on June 30, considering remaining units and their respective values.
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The Last In, First Out (LIFO) inventory method assumes that the most recently acquired inventory is sold first. In this scenario, the company made four inventory purchases in June. To calculate the ending inventory using the LIFO method, we start with the units from the last purchase and work backward until reaching the physical count on June 30.
June 28 Purchase (150 units at $1,062):
Remaining units after sale: 150 units
Remaining value: $1,062
June 15 Purchase (50 units at $7.50 per unit):
Remaining units after sale: 150 + 50 = 200 units
Remaining value: $1,062 + $375 = $1,437
June 10 Purchase (200 units at $6.72 per unit):
Remaining units after sale: 200 units
Remaining value: $1,437 + $1,344 = $2,781
June 1 Purchase (150 units at $6.60 per unit):
Remaining units after sale: 50 units
Remaining value: $2,781 + $990 = $3,771
Therefore, the value of the ending inventory on June 30, considering the LIFO method, is $3,771 for 50 units. If the physical count on June 30 reveals 200 units, the remaining 150 units would have the same value, resulting in a total ending inventory value of $3,771.