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Ending Inventory using LIFO

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Bute Bears is a teddy bear shop in Bute Kentucky. The store began August with 200 bears that cost $6.00 each in inventory. During the month, the store made the following purchases:

Date Units Purchased Cost Per unit Total Cost
9-Aug 150 $5.50 $825.00
18-Aug 130 $6.50 $845.00
29-Aug 200 $6.00 $1,200.00

Total 480 $2,870.00

The company sold 450 bears during the moth. What was the stores cost of ending inventory under LIFO?

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Solution Summary

The solution explains how to calculate ending inventory using LIFO

$2.19