Answer:
Ending inventory= $360
Explanation:
Giving the following information:
January 1: 150 units for $9 per unit.
January 17: 120 units were sold.
January 20: 160 units were purchased at $11 per unit.
January 29: 150 units were sold.
Under LIFO (last-in, first-out) method, the value of ending inventory is the value of the first units incorporated.
First, we need to calculate the ending inventory in units:
Ending inventory in units= total units - units sold
Ending inventory in units= (150 + 160) - (120 + 150)= 40 units
Ending inventory ($)= 40*$9= $360
