Problem:
A firm has beginning inventory of 400 units at a cost of $12 each. Production during the period was 700 units at $13 each.
Required:
Question: If sales were 800 units, what is the value of the ending inventory using LIFO?
- $2,750
- $3,600
- $3,300
- $3,850
Note: Show supporting computations in good form.