1.Closing Inventory consists of 1,100 units. What
would be the cost of Closing Inventory under FIFO and LIFO
methods?
Opening Inventory 1000 units @ $
10 $ 10,000
Purchase (1) 800 units @ $
11 $ 8,800
Purchase (2) 500 units @ $
14 $ 7,000
Purchase (3) 400 units @ $
12 $ 4,800
Purchase (4) 300 units @ $
13 $ 3,900
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Totals 3000 units
$ 34,500
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