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​Thelen's inventory records show the following data at January​ 31: Beginning inventory Jan. 1 80 units at $ 5 per unit Jan. 10 purchase 320 units at $ 11 per unit Jan. 22 purchase 90 units at $ 12 per unit At January​ 31, 230 units are still on hand. What is the cost of the ending inventory at January 31 if Thelen uses the LIFO​ method?

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facundobuzzetti

Answer:

Inventory= $2,620

Explanation:

Giving the following information:

Beginning inventory:  Jan. 1 80 units at $ 5 per unit

Jan. 10 purchase 320 units at $ 11 per unit

Jan. 22 purchase 90 units at $ 12 per unit

At January​ 31, 230 units are still on hand

LIFO (last-in, first-out)

Inventory= 90*12 + 140*11= $2,620

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