Glasgow Enterprises started the period with 80 units in beginning inventory that cost $7.50 each. During the period, the company purchased inventory items as follows. Glasgow sold 220 units after purchase 3 for $17.00 each. 
Glasgow's ending inventory under LIFO would be:
Definitions:
Total Surplus
The sum of consumer surplus and producer surplus in a market, representing the total benefits to society from trading a good or service.
Consumer Surplus
The difference between the total amount consumers are willing to pay for a good or service versus the total amount they actually pay.
Total Surplus
The sum of consumer surplus and producer surplus, representing the total benefit to society from the production and consumption of goods or services.
Inferior Good
A type of good for which demand decreases as the income of the consumer increases, opposite to a normal good.
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