Information Relating to the Beginning Inventory and Purchase of Inventory

Essay

Information relating to the beginning inventory and purchase of inventory by Marigold Corp. is as follows:
Calculate the cost of 100 units in the ending inventory by the last-in, first-out (LIFO) method of inventory valuation.
$$\begin{array} { l l l } \text { Specific Purchase } & \text { Number of Units } & \text { Cost per Unit } \\\text { Beginning inventory } & 20 & \$ 50 \\\text { First purchase } & 60 & \$ 60 \\\text { Second purchase } & 55 & \$ 80\end{array}$$