The annual inventory of Wheels Inc. shows the follwing information for 20-inch tires. If 36...
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The annual inventory of Wheels Inc. shows the follwing information for 20-inch tires. If 36 tires were on hand on December 31, what is the value of the ending inventory using the LIFO method of inventor pricing?
Date
Quanitiy
Cost
Total
Jan 11
Beginning Inventory
50
$ 6.50
$ 325
March 20
Purchase
10
20.50
205
July 11
Purchase
24
26.50
636
Sept 11
Purchase
30
22.50
675
Nov 13
Purchase
40
$22.50
$900
Total available for sale
155
$2741
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