Value of the ending inventory using lifo, Accounting Basics

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Value of the ending inventory using lifo

Problem:

A firm has beginning inventory of 300 units at a cost of $11 each. Production during the period was 650 units at $12 each.

Required:

Question: If sales were 700 units, what is the value of the ending inventory using LIFO?

Note: Please provide through step by step calculations.

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Accounting Basics: Value of the ending inventory using lifo

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Accounting Basics: Value of the ending inventory using lifo

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