Textbook Problem

Use the information presented in Problem C-1 to solve this problem.

Required

Find the cost of the ending inventory by the last-in, first-out method.

PROBLEM C-1 Bean Nursery sells bark to its customers at retail. Bean buys bark from a plywood mill in bulk and transports the bark in its own trucks. Information relating to the beginning inventory and purchases of bark is as follows:

Required

Find the cost of 1,200 cubic yards in the ending inventory by the weighted-average-cost method. Carry average cost per cubic yard to four decimals.

Check Figure

Cost of ending inventory, $480