Date
units purchased

cost per unit
january 1
10
$8.00
(beginning inventory)

january 18
50
9.00

february 20
20
11.00

march 15
10
12.00
(ending inventory: 19)

the value of the ending inventory based on lifo is:

$220.00.

$340.00.

$126.00.

$161.00.

The answer is $161.00

Explanation:

The LIFO (last in first out) method of valuing inventory is based on the principle that the last items bought are the first to be sold. Therefore, the 19 units in closing inventory consist of the earlier units purchased, that is: 9 units at $9.00 and 10 units at $8.00. The valuation of these units is $161 ((9*9) + (10*8)).

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