Wooden Tree (WT) is a wholesaler specializing in high-tech, state-of-the-art tables. Wooden Tree began operations...
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Wooden Tree (WT) is a wholesaler specializing in high-tech, state-of-the-art tables. Wooden Tree began operations on June 1, 2019. Each high-tech table sells for $2000/unit. The company is using a periodic inventory system, which implies that the company determines the ending balance of inventory and cost of goods sold only once at the end of each month in this context. The following information was taken from Wooden Tree's records for the month of June 2019: Cost per Table $1000/unit $1200/unit 06/02 Purchase 06/05 Purchase 06/14 Sale 06/27 Purchase 06/29 Sale # of Table 2,000 units 3,000 units 2,500 units 3,000 units 4,500 units $1300/unit Wooden Tree uses the LIFO inventory cost flow assumption and the company is required to disclose LIFO reserve in the footnote to financial statements. What is the dollar value of LIFO reserve on June 30, 2019
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