Question
During the past year, Kool Kats Inc. sold 829 pet bandanas. Inventory records for the year are as follows: DATE QUANTITY COST TOTAL January 1
During the past year, Kool Kats Inc. sold 829 pet bandanas. Inventory records for the year are as follows:
| DATE | QUANTITY | COST | TOTAL | |
| January 1 | Beginning Inventory | 300 | $12 | $ 3,600 |
| February 3 | Purchase | 400 | 12 | 4,800 |
| May 12 | Purchase | 380 | 11 | 4,180 |
| June 22 | Purchase | 220 | 13 | 2,860 |
| November 3 | Purchase | 450 | 9 | 4,050 |
| Total available for sale | 1,750 | $19,490 |
Using the LIFO method of inventory pricing, calculate the dollar value of the ending inventory.
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Intermediate Accounting
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
10th edition
1260481956, 1260310175, 978-1260481952
