Alpha First Company just began business and made the following four inventory purchases in June:
June 1 150 units $ 1,040
June 10 200 units 1,560
June 15 200 units 1,680
June 28 150 units 1,320
$ 5,600
A physical count of merchandise inventory on June 30 reveals that there are 210 units on hand. Using the LIFO inventory method, the value of the ending inventory on June 30 is

$1824

Explanation:

Given: Inventory purchases in June:

June 1          150 units         $1,040

June 10        200 units        $1,560

June 15        200 units        $1,680

June 28       150 units         $1,320

                                         $ 5,600

Ending inventory is 210 units.

Now, using LIFO inventory method for finding the value of the ending inventory.

The LIFO inventory method assumes that the cost of the latest units purchased are the first to be allocated to cost of goods sold.

Let´s first include inventory from recent purchased price.

⇒ Value of inventory for 150 units= $1320

Hence value of 150 units of inventory is $1320

Now, finding the value of remaining inventory.

Remaining inventory=

Taking the value of inventory from the second latest purchase units, June 15.

⇒ Value of each inventory=

Next, calculating total value of ending inventory.

Total value of ending inventory= =

Hence, The value of the ending inventory on June 30 is $1824

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