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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?

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

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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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