July 1 beginning inventory 54 units at $122 5 purchases 306 units at $114 14 sale 204 units 21 purchases 153 units at $117 30 sale 143 units assuming that a periodic inventory system is used, what is the amount allocated to ending inventory on a lifo basis?

$19,356

Explanation:

July

1 Beg. Inventory         54        $122

5 Purchases            306         $114

14 Sale                     204  

21   Purchases          153           $117

31  Sale                     143

Number of units left = (54+306-204+153-143)= 166

On LIFO(Last-in, first-out) basis, these 166 units of ending inventory cost;

= (54*122) + (166-54)*114     (Note:166-54 is to find the balance after the first 54)

= $6,588 + $12,768

= $19,356

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