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The following information relates to Toby Company Beginning inventory 30 units at $2 each Purchases                190 units...

The following information relates to Toby Company

Beginning inventory 30 units at $2 each

Purchases                190 units at $6 each

At the end of the period ,Toby had 60 units left in inventory. Toby sold the remaining units for $22 each.

If Toby used the LIFO costing model, what is the value of the ending inventory?

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Answer #1

As company uses Lifo, ending inventory belongs to first available units as last units are sold first

= (30*2) + (60-30)*6

= 240

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