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Checkers uses the periodic inventory system. For the current month, the beginning inventory consisted of 1,200...

Checkers uses the periodic inventory system. For the current month, the beginning inventory consisted of 1,200 units that cost $12 each. During the month, the company made two purchases: 500 units at $13 each and 2,000 units at $13.50 each. Checkers also sold 2,500 units during the month. Using LIFO method, what is the ending inventory?

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Answer #1

LIFO: Last in First out Method is the Method which uses the Latest received material must be recorded for the issue.

Under the periodic system, all the Purchases and sales are recorded only at the of the Period

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