Question
The annual inventory of Great Stuff Emporium shows the following information for refrigerators: DATE QUANTITY COST TOTAL January 1 Beginning Inventory 400 $1,305 $ 522,000
The annual inventory of Great Stuff Emporium shows the following information for refrigerators:
| DATE | QUANTITY | COST | TOTAL | |
| January 1 | Beginning Inventory | 400 | $1,305 | $ 522,000 |
| July 2 | Purchase | 250 | 1,665 | 416,250 |
| October 13 | Purchase | 250 | 1,260 | 315,000 |
| November 5 | Purchase | 50 | 1,440 | 72,000 |
| December 10 | Purchase | 200 | 1,155 | 231,000 |
| Total available for sale | 1,150 | $1,556,250 |
If 586 refrigerators were on hand on December 31, what is the value of the ending inventory using the LIFO method of inventory pricing?
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Cost Accounting Foundations and Evolutions
Authors: Michael R. Kinney, Cecily A. Raiborn
8th Edition
9781439044612, 1439044619, 978-1111626822
