Singleton Company's perpetual inventory records included the following information:

-If Singleton uses the LIFO cost flow method,its ending inventory would be $1,260.

Question

Singleton Company's perpetual inventory records included the following information:
 
-If Singleton uses the LIFO cost flow method,its ending inventory would be $1,260.

Quizplus · Accepted Answer

The last-in,first-out (LIFO)cost flow method requires that the cost of the items purchased last be charged to cost of goods sold.
Units in ending inventory = Units available for sale of (200 + 150 + 350)- Units sold of 520 = 180
Ending inventory = 180 units × January 1 unit cost of $7.00 = $1,260

Singleton Company's Perpetual Inventory Records Included the Following Information