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Date Units Cost per unit Total Cost Beginning inventory, Jan. 1 1,000 $4.00 $4,000 Purchase, May 6 1,250 $4.20 $5,250 Purchase, July 18 2,000 $4.75
| Date | Units | Cost per unit | Total Cost |
| Beginning inventory, Jan. 1 | 1,000 | $4.00 | $4,000 |
| Purchase, May 6 | 1,250 | $4.20 | $5,250 |
| Purchase, July 18 | 2,000 | $4.75 | $9,500 |
| Purchase, December 10 | 750 | $6.00 | $4,500 |
| Total Units Available | 5,000 | $23,250 |
Calculate the ending inventory of 1,500 units using both FIFO and LIFO methods.
| a. | Which method values the ending inventory higher, and |
| b. | How much higher? |
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Unlock Financial Success With Self Storage Wealth Strategies
Authors: Ethan D. Costa
1st Edition
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