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A firm has beginning inventory of 300 units at a cost of $11 each. Production during the period was 650 units at $12 each. If sales were 700 units, what is the value of the ending inventory using LIFO? Note: LIFO, last-in, first-out represents that the last produced will be the first shipped. (Show your work/calculations/formulas)
Jerry's Retail expects total sales of 2,000 units. The firm estimates an ordering cost of $7.50 per order, with an inventory cost of $0.70 per unit. What is the economic ordering quantity? (Show your work/calculations/formulas- round to the nearest whole number).
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The problem set deal with determining the economic order quantity, closing inventory under LIFO (Last In, FIrst Out) and FIFO (First In, First Out). The solution is presented in a Word document that contains clearly listed formulas and explanations for all the workings.
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