Question

A company had inventory on November 1 of 5 units at a cost of $10 each. On November 2, they purchased 19 units at $12 each. On November 6 they purchased 15 units at $15 each. On November 8, 17 units were sold for $45 each. Using the LIFO perpetual inventory method, what was the value of the inventory on November 8 after the sale?

Answer 1

The answer is "$ 305".

Step-by-step explanation:

Follows are the calculation of the LIFO method to this question:

From Units Rate Total

The inventory begins 5 x $ 10 = $ 50

Purchase from November 2 17 x $ 12 = $ 255

Ending Inventory Value $ 305

The inventory value after November 8 is $305.