Explore BrainMass

Explore BrainMass

    Ending Inventory

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

    Turk's Toy Trains began 2008 with 1200 toy trains, which cost $9.00 each in its inventory. During the year it made the following inventory purchase of inventory.

    Date Units Purchased Cost per Unit Total Cost
    3/18 500 $9.50 $4,750
    6/4 700 $10.00 $7,000
    8/28 400 $10.50 $4,200
    11/13 900 $11.50 $10,350
    Total 2500 - $26,300

    The store sold 2900 trains during the year.

    What was the company's cost of ending inventory under LIFO periodic inventory costing system?

    © BrainMass Inc. brainmass.com October 10, 2019, 1:37 am ad1c9bdddf


    Solution Preview

    In the LIFO method the latest purchases are assumed to be sold first. The ending inventory will ...

    Solution Summary

    The solution explains how to calculate the amount of ending inventory under LIFO periodic inventory costing system