The Units of an Item Available for Sale During the Year

Essay

The units of an item available for sale during the year were as follows: $\begin{array}{lrll}\text { Jan. } & 1 & \text { Inventory } & 10 \text { units at } \$ 25 \\\text { Apr. } & 4 & \text { Purchase } & 15 \text { units at } \$ 24 \\\text { May. } &20 & \text { Purchase } & 20 \text { units at } \$ 28 \\\text { Oct. } & 30 & \text { Purchase } & 18 \text { units at } \$ 30\end{array}$ There are 19 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the ending inventory cost using LIFO.