Purchases and sales during a recent period for Lantern,Inc.were:
Beginning inventory was 100 units at $1 each.
-See information for Lantern,Inc.above.Given this information,what is the ending inventory if the periodic LIFO costing alternative is used?

Question

Purchases and sales during a recent period for Lantern,Inc.were:
  Beginning inventory was 100 units at $1 each.
-See information for Lantern,Inc.above.Given this information,what is the ending inventory if the periodic LIFO costing alternative is used?

Quizplus · Accepted Answer

Under the periodic LIFO method, the ending inventory is valued using the oldest costs. If the oldest inventory costs total $400, then that is the value of the ending inventory.

Purchases and Sales During a Recent Period for Lantern,Inc