Given the following information, determine the cost of the inventory at June 30 using the LIFO perpetual inventory method.

June 1 Beginning inventory 15 units at $20 each
June 15 Sale of 6 units for $50 each
June 29 Purchase 8 units at $25 each

The cost of the ending inventory is:

The cost of the ending inventory is  $300

Explanation:

LIFO stands for Last In First Out. It is an Inventory management system that sells the earlier inventory first.

Perpetual Inventory method records the costs of the sale of inventory with each sale instead of waiting after the period end.

On June 15, the units of sales are taken from the Beginning inventory units

The remainder of units after the June 15 sale together with new Purchase on June 29 form the amount of Closing Inventory

Cost of Ending Inventory is thus calculated as follows:

9 units × $ 20 = $100

8 units × $ 25 = $200

Total =               $300

answer; drop shippers;

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know