Homework Answers
As per the LIFO method, the goods last purchased/most recently purchased should be sold first.The ending inventory consists of the older purchases or the beginning inventory.
Under LIFO,
Number of units in ending inventory:
| 1st june | 20 units |
| 8th june | +15 |
| 14th june | -25 |
| 20 june | +20 |
| Ending stock units= | 30 |
These 30 units of ending inventory is the beginning inventory and early purchases
| Beginning inventory | 20 units @$2 | $40 |
| 8 june-purchases | 10 units@$3 | $30 |
| Cost of ending inventory | $70 |
Thus,option c) $70 is the correct option.
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