NOVA Company provided the following inventory information for the year. Unit Cost Total Cost Units 1/1 Beginning Inventory 100 $2 $200 1/20 Purchase 400 $3 $1,200 7/25 Purchase 200 $4 $800 10/20 Purchase 300 $5 $1.500 1000 $3,700 A physical count of inventory on December 31 revealed that there were 300 units on hand. NOVA Company uses the LIFO method. What is the value of the ending inventory at December 31?

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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NOVA Company provided the following inventory information for the year.
Units
Unit Cost Total Cost
1/1
Beginning Inventory
100
$2
$200
1/20
Purchase
400
$3
$1,200
7/25
Purchase
200
$4
$800
10/20 Purchase
300
$5
$1.500
1000
$3,700
A physical count of inventory on December 31 revealed that there were 300 units on hand. NOVA
Company uses the LIFO method. What is the value of the ending inventory at December 31?
Do not include dollar signs or commas in your answer. The system will insert a comma if necessary.
Transcribed Image Text:NOVA Company provided the following inventory information for the year. Units Unit Cost Total Cost 1/1 Beginning Inventory 100 $2 $200 1/20 Purchase 400 $3 $1,200 7/25 Purchase 200 $4 $800 10/20 Purchase 300 $5 $1.500 1000 $3,700 A physical count of inventory on December 31 revealed that there were 300 units on hand. NOVA Company uses the LIFO method. What is the value of the ending inventory at December 31? Do not include dollar signs or commas in your answer. The system will insert a comma if necessary.
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