A small-appliance merchant using the LIFO method of valuing inventory has 60 toasters remaining in inventory. The merchant purchased toasters over a three-month period as follows: 30 purchased at $7.80 on April 1, 50 purchased at $7.70 on May 1, and 20 purchased at $7.80 on June 1. Compute the value of the ending inventory of toasters at LIFO cost.

Question

A small-appliance merchant using the LIFO method of valuing inventory has 60 toasters remaining in inventory. The merchant purchased toasters over a three-month period as follows: 30 purchased at $7.80 on April 1, 50 purchased at $7.70 on May 1, and 20 purchased at $7.80 on June 1. Compute the value of the ending inventory of toasters at LIFO cost.​

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The Answer of A small-appliance merchant using the LIFO method of valuing inventory has 60 toasters remaining in inventory. The merchant purchased toasters over a three-month period as follows: 30 purchased at $7.80 on April 1, 50 purchased at $7.70 on May 1, and 20 purchased at $7.80 on June 1. Compute the value of the ending inventory of toasters at LIFO cost.​

A Small-Appliance Merchant Using the LIFO Method of Valuing Inventory