Answer:
The correct answer is "$585.80".
Explanation:
According to the question,
Sold 63 units on July 30 from purchase of July 21, the remaining will be:
= [tex](67-63)\times 8.1[/tex]
= [tex]4\times 8.1[/tex]
= [tex]32.4[/tex]
Sold 90 units on July 14 from purchase of 5, the remaining will be:
= [tex](134-90)\times 7.4[/tex]
= [tex]44\times 7.4[/tex]
= [tex]325.6[/tex]
On July 1, opening stock will be:
= [tex]34\times 6.7[/tex]
= [tex]227.8[/tex]
hence,
The total value of inventory as per LIFO method will be:
= [tex]32.4+325.6+227.8[/tex]
= [tex]585.80[/tex] ($)
