A hardware merchant using the LIFO method of valuing inventory has 200 hammers remaining in inventory. The merchant purchased hammers over a three-month period as follows: 120 purchased at $3.50 on April 1, 150 purchased at $3.62 on May 1, and 150 purchased at $3.72 on June 1. Compute the value of the ending inventory of hammers at LIFO cost.

Question

A hardware merchant using the LIFO method of valuing inventory has 200 hammers remaining in inventory. The merchant purchased hammers over a three-month period as follows: 120 purchased at $3.50 on April 1, 150 purchased at $3.62 on May 1, and 150 purchased at $3.72 on June 1. Compute the value of the ending inventory of hammers at LIFO cost.​

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The Answer of A hardware merchant using the LIFO method of valuing inventory has 200 hammers remaining in inventory. The merchant purchased hammers over a three-month period as follows: 120 purchased at $3.50 on April 1, 150 purchased at $3.62 on May 1, and 150 purchased at $3.72 on June 1. Compute the value of the ending inventory of hammers at LIFO cost.​

A Hardware Merchant Using the LIFO Method of Valuing Inventory