Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to ending inventory using LIFO.

DateActivitiesUnits Acquired at CostUnits Sold at Retail

May 1Beginning Inventory150 units at $10.00  

5Purchase220 units at $12.00  

10Sales  140 units at $20.00

15Purchase100 units at $13.00  

24Sales  90 units at $21.0

Value of closing inventory =$1290

Explanation:

Under the LIFO inventory system units of inventory are priced using the price of the most recent batch purchased and this continues in turn.

The value of closing inventory = Total cost of inventory available for sales - cost of goods sold

The cost of inventory sold would be determined as follows:

140 units  :140 × $12=1,680

90 units : 90× $13 = 1,170

Total cost of goods = 1,680 + 1,170  = 2,850

Total cost of inventory available for sales would be equal to :

(150  × $10.00) +  (220  ×$12.00) = 4,140

The value of closing inventory = Total cost of inventory available for sales - cost of goods sold

4,140  - 2,850 = $1290

Value of closing inventory =$1290

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