Toddlers' Toyland, which uses the LIFO method of valuing inventory, has 80 brown bears remaining in inventory. Toddlers' purchased brown bears over a three-month period as follows: 72 purchased at $3.50 on October 7, 84 purchased at $3.65 on November 7, and 60 purchased at $3.80 on December 7. Compute the value of the ending inventory of bears at LIFO cost.

Question

Toddlers' Toyland, which uses the LIFO method of valuing inventory, has 80 brown bears remaining in inventory. Toddlers' purchased brown bears over a three-month period as follows: 72 purchased at $3.50 on October 7, 84 purchased at $3.65 on November 7, and 60 purchased at $3.80 on December 7. Compute the value of the ending inventory of bears at LIFO cost.​

Quizplus · Accepted Answer

The Answer of Toddlers' Toyland, which uses the LIFO method of valuing inventory, has 80 brown bears remaining in inventory. Toddlers' purchased brown bears over a three-month period as follows: 72 purchased at $3.50 on October 7, 84 purchased at $3.65 on November 7, and 60 purchased at $3.80 on December 7. Compute the value of the ending inventory of bears at LIFO cost.​

Toddlers' Toyland, Which Uses the LIFO Method of Valuing Inventory