Question
In 2019, Drew Corp. inventory purchases were as follow: Quarter Units Purchased Cost per Unit Total 1 250 5 1250 2 320 7 2240 3
In 2019, Drew Corp. inventory purchases were as follow:
| Quarter | Units Purchased | Cost per Unit | Total | |
| 1 | 250 | 5 | 1250 | |
| 2 | 320 | 7 | 2240 | |
| 3 | 190 | 9 | 1710 | |
| 4 | 300 | 11 | 3300 | |
| Total | 1060 | 8500 |
Sales for the year 2019 were 900 units.
Beginning inventory was 400 units at $4 per unit = $1,600.
What is the inventory value at the end of the year under LIFO?
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Money Banking And Financial Markets
Authors: Laurence Ball
1st Edition
0716759349, 9780716759348
