Explore BrainMass

Ending Inventory using LIFO

This content was STOLEN from BrainMass.com - View the original, and get the already-completed solution here!

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?

© BrainMass Inc. brainmass.com December 20, 2018, 5:48 am ad1c9bdddf

Solution Summary

The solution explains how to calculate ending inventory using LIFO