Castle TV, Incorporated purchased 2,500 monitors on January 5 at a per-unit cost of $203,...
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Castle TV, Incorporated purchased 2,500 monitors on January 5 at a per-unit cost of $203, and another 2,500 units on January 31 at a per-unit cost of $290. In the period from February 1 through year-end, the company sold 4,400 units of this product. At year-end, 600 units remained in inventory.
Assume that the replacement cost of this monitor at year-end is $272 per unit. Using last-in, first-out (LIFO) flow assumption and the lower-of-cost-or-market rule, the ending inventory amounts to:
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