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The following units of an inventory item were available for sale during the year: Unit Unit Cost Beginning inventory 10 $55 First purchase 26 60
The following units of an inventory item were available for sale during the year:
Unit | Unit Cost | |
Beginning inventory | 10 | $55 |
First purchase | 26 | 60 |
Second purchase | 33 | 65 |
Third purchase | 16 | 70 |
The firm uses the periodic inventory system.During the year, 65 units of the item were sold.
The value of ending inventory using LIFO is
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