Chapter 10, Problem 10.11BE

LIFO Liquidation. Using the information provided in BE10-9 determine whether there is a LIFO liquidation

LIFO Inventory
Description	Unit Cost × Units	Total Cost
Beginning inventory: January 1
First layer	$ 9 × 800	$ 7,200
Second layer	$13 × 1,100	14,300
Total beginning inventory	1,900	$21,600
Purchases or production:
August 31	$ 16×700	11,200
Cost of goods available for sale	2,600	$32,700
Units sold on December 1 at $9.60	(2,300)
Ending inventory: December 31	300