Given the following information, determine the cost of the inventory at June 30 using the LIFO perpetual inventory method.

June 1 Beginning inventory 15 units at $20 each
June 15 Sale of 6 units for $50 each
June 29 Purchase 8 units at $25 each

The cost of the ending inventory is:

The cost of the ending inventory is  $300

Explanation:

LIFO stands for Last In First Out. It is an Inventory management system that sells the earlier inventory first.

Perpetual Inventory method records the costs of the sale of inventory with each sale instead of waiting after the period end.

On June 15, the units of sales are taken from the Beginning inventory units

The remainder of units after the June 15 sale together with new Purchase on June 29 form the amount of Closing Inventory

Cost of Ending Inventory is thus calculated as follows:

9 units × $ 20 = $100

8 units × $ 25 = $200

Total =               $300

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