In its first month of operations, Larkspur, Inc. made three purchases of merchandise in the following sequence: (1) 135 units at $10, (2) 470 units at $11, and (3) 135 units at $12. Assuming there are 320 units on hand, compute the cost of the ending inventory under the (a) FIFO method and (b) LIFO method. Larkspur uses a periodic inventory system.

Ending inventory under:

FIFO = $3655

LIFO = $3385

Explanation:

Ending Inventory under FIFO

These 320 units purchased at the end will make up the ending inventory,

135 units at $12 =                              $1620

(320-135 = 185) 185 units at $11 =    $2035

Total cost of ending inventory =     $3655

Ending Inventory under LIFO

The 320 units under LIFO will be the ones purchased at the start.

135 units at $10                             =   $1350

(320-135 = 185) 185 units at $11     =   $2035

Total cost of ending inventory           $3385

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