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Bibb, Inc., which sells blenders, had the following balances and transactions during 2019: Beginning Merchandise Inventory, 1/1/19 300 blenders at $37/blender 2/28/19 Purchased 300 blenders
Bibb, Inc., which sells blenders, had the following balances and transactions during 2019:
Beginning Merchandise Inventory, 1/1/19 | 300 blenders at $37/blender |
2/28/19 | Purchased 300 blenders at $18/blender |
3/1/19 12/31/19 | Sold 360 blenders at $110/blender |
If the company uses the last-in, first-out (LIFO) inventory costing method, calculate the ending balance in Merchandise Inventory as of December 31, 2019. (Enter the amount as a round number.)
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