LIFO Pools
The company has one LIFO pool. Information relating to the products in this pool is as follows:
|
Beginning inventory, January 1 |
10 units @ $10 each |
|
Purchase, February 12 |
50 units @ $11 each |
|
Purchase, February 28 |
60 units @ $12 each |
|
Purchase, March 15 |
70 units @ $13 each |
|
Sales for the first quarter |
160 units |
Compute the ending LIFO inventory value for the first quarter assuming new layers are valued based on a LIFO cost assumption.