1.Closing Inventory consists of 1,100 units. What would be the cost of Closi

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
------------
-----------
Totals 3000 units
$ 34,500
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Question Posted / mohd shakeel

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1.Closing Inventory consists of 1,100 units. What would be the cost of Closing Inventory under F..

Answer / haalubari

4500 units

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