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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