Sanfillipo, Inc., had 800 units of inventory on hand at March 1, 2013, costing $20 each.Purchases and
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Question:
Sanfillipo, Inc., had 800 units of inventory on hand at March 1, 2013,
costing $20 each.Purchases and sales of inventory during the month of
March were as follows:
DatePurchases Sales
March 8600 units
15400 units @ $22 each
22400 units @ $24 each
27400 units
Sanfillipo uses the periodic inventory system.According to a physical
count, 600 units were on hand at the end of March.
Calculate the cost of inventory at the end of March applying the LIFO method.
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