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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The solution explains how to calculate ending inventory using LIFO
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