A Hardware Merchant Using the LIFO Method of Valuing Inventory

question 40

Short Answer

A hardware merchant using the LIFO method of valuing inventory has 200 hammers remaining in inventory. The merchant purchased hammers over a three-month period as follows: 120 purchased at $3.50 on April 1, 150 purchased at $3.62 on May 1, and 150 purchased at $3.72 on June 1. Compute the value of the ending inventory of hammers at LIFO cost.​

---

Definitions:

Ethical Principle

Fundamental guidelines that influence decision-making and conduct in a profession, ensuring actions are morally sound.

Nursing License

Official certification allowing an individual to practice nursing in a particular jurisdiction, typically granted after completing educational requirements and passing a licensing examination.

Medical Care

Professional services rendered by healthcare practitioners aimed at maintaining, improving, or diagnosing health issues.

Fidelity

The ethical principle of being faithful and loyal to commitments and obligations, often used in the context of professional conduct and relationships.