Chapter 16.I, Problem 2TIE

To determine

To calculate: The dollar value of ending inventory if 380 video games were on hand on December 31 with the help of LIFO method of inventory pricing.

The data represent the records of the annual inventory figures for a particular video game.

The data at Best Buy of the merchandise manager is given as follows-

$\begin{array}{cccc}& \text{Best Buy}& & \\ \text{January 1}& \text{Beginning Inventory}& \text{200 units @ \$8}\text{.00}& \$1,600\\ \text{May 14}& \text{Purchase}& \text{100 units @ \$8}\text{.50}& 850\\ \text{August 27}& \text{Purchase}& \text{250 units @ \$9}\text{.00}& 2,250\\ \text{November 18}& \text{Purchase}& \text{300 units @ \$8}\text{.75}& 2,625\\ \text{Video games available for sale}& & \underset{\_}{\underset{\_}{\overline{850}}}& \underset{\_}{\underset{\_}{\overline{\$7,325}}}\end{array}$