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A company had inventory on November 1 of 5 units at a cost of $10 each. On November 2, they purchased 19 units at $12 each. On November 6 they purchased 15 units at $15 each. On November 8, 17 units were sold for $45 each. Using the LIFO perpetual inventory method, what was the value of the inventory on November 8 after the sale?

Respuesta :

Answer:

The answer is "$ 305".

Explanation:

Follows are the  calculation of the LIFO method  to this question:

From                                                 Units                    Rate                    Total

The inventory begins                            5            x           $ 10               = $ 50

Purchase from November 2                 17            x          $ 12                = $ 255

Ending Inventory Value                                                                             $ 305

The inventory value after November 8 is $305.

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