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Homework answers / question archive / Tool City, Inc
Tool City, Inc. had 300 cordless screwdrivers on hand on January 1, 2015, costing $45 each. Purchases and sales of cordless screwdrivers during the month of January were as follows:
| Date | Purchases | Sales |
| January 9 | 200 @ $75 | |
| January 14 | 100 @$47 | |
| January 23 | 75 @ $76 | |
| January 25 | 100 @ $48 | |
| January 30 | 75 @ $77 |
Tool City does not maintain perpetual inventory records. According to a physical count,150 cordless screwdrivers were on hand on January 31, 2015.
- What is the cost of the inventory on January 31, 2015, under the LIFO method?
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