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Calculate the cost of the Corporation merchandise inventory

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Question - On January 1 the Tampa Corporation had 30 units of merchandise inventory on hand. Each unit had cost the company $26. During January the company made the following purchases: January 8, 40 units at $25 each and January 21, 50 units at $24 each. The company made the following sales in January: January 10, 36 units at $60 each and January 26, 48 units at $60 each. The company uses the LIFO perpetual inventory method. Calculate the cost of the Corporation's merchandise inventory on hand on January 31.

Reference no: EM132429336

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