Asked by Chirag Berry on May 15, 2024
Verified
Toddlers' Toyland, which uses the LIFO method of valuing inventory, has 80 brown bears remaining in inventory. Toddlers' purchased brown bears over a three-month period as follows: 72 purchased at $3.50 on October 7, 84 purchased at $3.65 on November 7, and 60 purchased at $3.80 on December 7. Compute the value of the ending inventory of bears at LIFO cost.
LIFO Method
An inventory valuation method called "Last In, First Out" where the most recently produced items are recorded as sold first.
Ending Inventory
The aggregate worth of merchandise available for purchase at the closing of an accounting cycle.
Brown Bears
Large omnivorous mammals found across parts of northern Eurasia and North America, known for their thick fur and powerful build.
- Comprehend how to calculate ending inventory using specific valuation methods such as LIFO.
Verified Answer
NA
Learning Objectives
- Comprehend how to calculate ending inventory using specific valuation methods such as LIFO.