Hammond Stationery uses the LIFO method of valuing inventory and has 350 pen sets remaining in inventory. Hammond purchased the pen sets over a six month period as follows: May 1: 175 at $20.50; May 15: 125 at $22.00; July 7: 75 at $24.00; and October 1: 150 at $23.50. Compute the value of the ending inventory.

Question

Hammond Stationery uses the LIFO method of valuing inventory and has 350 pen sets remaining in inventory. Hammond purchased the pen sets over a six month period as follows: May 1: 175 at $20.50; May 15: 125 at $22.00; July 7: 75 at $24.00; and October 1: 150 at $23.50. Compute the value of the ending inventory.​

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The Answer of Hammond Stationery uses the LIFO method of valuing inventory and has 350 pen sets remaining in inventory. Hammond purchased the pen sets over a six month period as follows: May 1: 175 at $20.50; May 15: 125 at $22.00; July 7: 75 at $24.00; and October 1: 150 at $23.50. Compute the value of the ending inventory.​

Hammond Stationery Uses the LIFO Method of Valuing Inventory and Has