The Lord Company Had 150 Units Of Product Bata On Hand At December 1 Year 1 Costing 3280891
The Lord Company had 150 units of product Bata on hand at December 1, Year 1 costing $400 each. Purchases of product Bata during December were asfollows: DateUnitsUnit Cost December 7100$440 December 14200$460 December 29300$500 Sales during December were 500 units on December 30. Assume a perpetual inventory system is used. The cost of inventory at December 31, Year 1 under the LIFO method would be:
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