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[The following information applies to the questions displayed below.] Glasgow Enterprises started the period with 80 units in beginning inventory that cost $2.70 each. During
[The following information applies to the questions displayed below.] Glasgow Enterprises started the period with 80 units in beginning inventory that cost $2.70 each. During the period, the company purchased inventory items as follows:
Purchase | No. of Items | Cost | ||||
1 | 250 | $ | 3.20 | |||
2 | 110 | $ | 3.30 | |||
3 | 60 | $ | 3.70 | |||
Glasgow sold 270 units after purchase 3 for $10.20 each.
What is Glasgow's ending inventory under LIFO?
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