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Sanfillipo, Inc., had 800 units of inventory on hand at March 1, 2013, costing $20 each. Purchases and sales of inventory during the month of March were as follows 2. Date March 8 15 Sales 600 units Purchases 400 units a $22 each 400 units a $24 each 27 400 units Sanfillipo uses the periodic inventory system. According to a physical count, 600 units were on hand at the end of March. Calculate the cost of inventory at the end of March applying the LIFO method.

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Answer #1
Units Rate Amount
Opening Balance 800 20.00 16000
Purchases:
15.03.2013 400 22.00 8800
22.03.2013 400 24.00 9600
Total Units 1600
Units Sold 1000
Closing Units 600
Periodic Inventory Method with LIFO:
Units Sold during the period is 1000 and 800 will be from Purchased as per LIFO and balance 200 will be from Opening Units
Closing Units:
600 Units:
Opening Balance 800-200
Opening Balance Units At end 600
Rate 20.00
Ending Inventory Balance 12000
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