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    Ending Inventory

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    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
    https://brainmass.com/business/purchases-inventory-and-cogs/turks-toy-trains-calculate-ending-inventory-342224

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

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

    $2.19