Problem - Provided the following information about one of its inventory items.During the year, the company sold 3,200 units. What was ending inventory using the LIFO cost flow assumption under a periodic inventory system?
| Date |
Transaction |
Number of Units |
Cost per Unit |
| 1-Jan |
Beginning Inventory |
660 |
$2,500 |
| 6-Jun |
Purchase |
865 |
$3,925 |
| 10-Sep |
Purchase |
1,265 |
$4,975 |
| 15-Nov |
Purchase |
880 |
$5,500 |